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THE WALL STREET JOURNAL: Oil News Roundup: February 14, 2007 4:56 p.m.

Crude-oil futures dropped to $58 a barrel after government data showed distillate stockpiles fell less than analysts had expected and after forecasts for warmer winter in the U.S. Northeast led to speculation that heating oil demand will fall.

Here is Wednesday’s roundup of oil and energy news:

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•Total Profit Dips: France’s Total, the world’s fourth-largest privately-owned oil company by market value, said net profit for the fourth quarter dropped 5% on lower hydrocarbon output, weaker oil prices and rising exploration costs, but it expects solid production growth in the next few years and will invest more in 2007.

•China Reconsiders Reactor Deal: China is considering retooling a politically sensitive multibillion-dollar agreement to acquire nuclear reactors from Westinghouse Electric, but any new arrangement appears unlikely to deal a significant setback to the Toshiba affiliate.

•Temasek Takes Citic Stake: Singapore’s state-owned investment company Temasek Holdings Pte. said it bought a 5% stake in Chinese energy and base-metals producer Citic Resources Holdings Ltd. for $79 million.

•Tillerson Calls for Deliberate Pace of Change: Speaking at the CERA confab in Houston, Exxon Mobil CEO Rex Tillerson warned against hasty measures to curb carbon emissions, the Houston Chronicle reports.

•Group Calls for Attacks on Oil: A Saudi terrorist faction affiliated with al-Qaida has urged Muslim militants to attack oil facilities all over the world, including Canada, Mexico and Venezuela, to stop the flow of oil to the U.S., according to an article by the group posted on the Internet.

•Nigerian Militants Free Hostages: All 24 Filipino oil workers captured last month from a vessel in the Niger Delta have been released, AllAfrica.com reports.

•Duke Source of Wabash Slick: The source of an oily sheen that coated miles of the Wabash River in western Indiana has been traced to turbine oil at a Duke Energy power plant, officials said.

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