Crude oil dropped on Monday as China's industrial production trailed estimates and after Saudi Arabian crude output climbed from a 20-month low last month. Futures in New York fell as much as 0.5% after Chinese government data showed the world's second-biggest oilconsuming nation started the year with the weakest industrial growth since 2009. Saudi Arabia's crude production increased, according to an official with knowledge of the country's oil policy. Iran said the prospects for resolving a dispute over its nuclear program have improved.

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