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A catalyst is described that is useful for catalytic pyrolysis of biomass to produce a pyrolysis product. The catalyst includes (i) matrix material comprising a support and/or binder, and (ii) at least one metal oxide on the matrix material, wherein the metal oxide comprises metal selected from the group consisting of tungsten, chromium, cobalt, molybdenum, nickel, and combinations thereof. Corresponding catalytic pyrolysis processes and catalytic pyrolysis apparatus are disclosed, in which the catalyst enables the production of low oxygen content, stable liquid intermediates that can be refined to make liquid hydrocarbon fuels.