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Oil fell for the first time in almost two weeks as disappointing US economic data ignited fears of a recession and sparked a sell-off across Wall Street.

Puntland, an oil-rich, semi-autonomous territory in eastern Somalia, will select a new president on January 8.

GlobalData said the oil and gas contracts market faced turbulence.

Brent crude has climbed almost 20 percent since late June.

The global oil market has gone from languid to lively in the space of a few weeks.

OKEA ASA is finally completing its acquisition of a 28 percent working interest in PL037 from Equinor Energy AS after postponing the original target completion date.

OKEA has completed the acquisition of Wintershall Dea's interests in three offshore fields in the Norwegian part of the North Sea.

Between 0.2 million and 0.5 million standard cubic meters of recoverable oil was proven in connection with drilling well 31/4-A 13 E.

OKEA received updated information that indicated a reduction in 2P and 2C volumes of 10 to 15 percent over the lifetime of the acquired assets.

The production was largely driven by Statfjord area activities, OKEA said.