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Some heightened Middle East tensions supported crude, and did offset a bearish U.S. weekly DOE storage report Thursday.
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The Middle East tensions are prompting higher volatility in crude oil market.
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Proponents further point to the benefits the oil would bring to the U.S. in terms of displacing overseas crude oil from the Middle East and the positive economic benefit to U.S. energy refiners.
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Proponents further point to the benefits the oil would bring to the U.S. in terms of displacing overseas crude oil from the Middle East while also providing the U.S. manufacturing sector a major boost via the refiners who would produce everything fro gasoline to plastics from the oil.
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Currently, Africa is our largest supplier of crude, outstripping even the Middle East.
CENTERFORSECURITYPOLICY: AFRICOM proceeds apace
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Most of the oil came from Canada, but crude oil from areas like the Middle East and Venezuela also makes its way into Midwestern gasoline.
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Meantime, Nymex crude oil prices were sharply higher Monday, on the Middle East tensions and on short covering.
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Participants were reacting to the loss of high-quality Libyan crude and its subsequent faster-than-expected resumption, Middle East unrest, the U.S. credit-rating downgrade over the summer, and the ongoing euro-zone sovereign-debt crisis.
WSJ: Oil's Tug of War Is Poised to Continue
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Demand for Anadarko paper appears immune from bad news, but as a contender for a positive ratings change, investors appear willing to keep on adding its paper to their portfolios not withstanding a decline in the price of crude oil ushered in by an announced supply increase in the Middle East over the weekend.
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