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Crude oil surged above $76 a barrel, the biggest gain in two weeks, after BP Plc said it will shut Alaska's Prudhoe Bay field, where 8 percent of U.S. oil is produced.
The closure of the largest oil field in the U.S. because of pipeline corrosion and a rupture will cut supplies to West Coast refineries during the country's peak gasoline demand. At the same time, Nigerian militants are crimping African crude output as conflict in the Middle East and disagreement about Iran's nuclear program contribute to fear of further supply reductions. |
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