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Concerns about Chinese manufacturing, European debt stop a four-day rise in oil
NEW YORK (AP) ' A four-day rise in oil prices has stalled following a weak report on Chinese manufacturing and lingering concerns about Greece's bailout.
The price of West Texas Intermediate, the benchmark for oils produced in the U.S., was unchanged at $106.25 a barrel.
WTI had climbed 5 percent over the last four trading days as tensions escalated between the West and Iran, the world's third-biggest oil exporter. The West is worried that Iran is using its nuclear program to build a weapon, a claim that Iran denies. Traders fear that any military action to stop the program could disrupt oil shipments.
But oil's rise paused on Wednesday as traders focused on a report that China's manufacturing isn't expanding. Traders also worried that a Greek bailout isn't enough to revive that nation's economy.