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Jul 12, 2012, 08.23 AM IST
Brent crude fell below USD 99 a barrel on Tuesday as Norway's government intervened in a labor strike and ordered a last-minute settlement to prevent a full closure of its oil industry.
The strike over pensions, which began on June 24, had cut oil production from the world's No. 8 oil exporter by about 13% and kept oil prices on the boil. Later in the day, China's trade data will offer a test of domestic demand in the world's second-biggest economy as global investors seek to gauge Beijing's ability to avoid a deep downturn in growth. Brent fell USD 1.62 to USD 98.70 a barrel by 0939 GMT after settling up USD 2.13 on Monday. US crude was down USD 0.79 cents at USD 85.20 a barrel after rising USD 1.54 on Monday.
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