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Oil Falls to $113 a Barrel on Drop in China Demand

Oil fell more than $2 to below $113 a barrel as a drop in crude imports by No. 2 consumer China outweighed concerns over supply disruptions stemming from the conflict between Georgia and Al Grillo / AP Russia. China's crude imports unexpectedly fell 7 percent in July to a seven-month low, the steepest monthly drop since January 2005, as refiners balked at soaring crude costs amid lagging domestic fuel prices.

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