Oil Drops Most in Eight Weeks as Price Falls $3 in Minute
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Oil declined more than $3 in less than a minute as October options were about to expire, ending the day with the largest drop in eight weeks.
Futures tumbled to $94.83 at 1:54 p.m. from $97.88 in the same minute on a surge in volume. The price slipped earlier after the Federal Reserve Bank of New York’s general economic index, known as the Empire State Index, reached a three-year low, indicating possible weakness in demand.