WTI Crude Declines to Eight-Month Low on Ample Supply
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West Texas Intermediate crude fell to an eight-month low on surging output, ample supply and reduced fuel use in the U.S., the world’s biggest oil-consuming country.
Futures declined 0.7 percent. U.S. production climbed last week to the highest level in more than two decades, according to an Energy Information Administration report yesterday. Fuel supplies rose as usage slipped for a third week. Crude stockpiles were near a 30-year seasonal high.