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Oil Slumps as Saudi Restores Key Pipeline

Bloomberg Markets •
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Oil extended the biggest drop in more than six weeks on signs of easing Middle East supply disruptions, with a key pipeline being restored.

West Texas Intermediate fell toward $102 a barrel, after losing 3.2% on Wednesday, the most since Aug. 4, while Brent closed below $106.

Saudi Arabia is seeking to return about half the capacity of its damaged East-West pipeline within days, and full operations in about six weeks, a person familiar said.