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Oil fell for a third day as a hastening downturn in the euro area added to wider worries about economic growth in top importer China.
West Texas Intermediate futures for October fell toward US$79 a barrel. The contraction in euro-area private sector activity intensified in August, while manufacturing remained in decline. China’s stuttering economy also continues to threaten demand for global commodities.
The industry-funded American Petroleum Institute said U.S. crude stockpiles fell 2.4 million barrels last week, a bullish signal if confirmed by official Energy Information Administration data due later Wednesday.
