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Oil Tumbles as Crude Production Surges to 15-Year High

Oil fell to a two-month low in New York after the government reported that U.S. crude production climbed to the highest level in more than 15 years and fuel consumption decreased.

Futures dropped 4.1 percent after the Energy Department said crude output rose 11,000 barrels a day to 6.52 million last week, the most since December 1996. Total fuel demand fell 0.3 percent to 18.3 million barrels a day in the four weeks ended Sept. 28, the lowest level since April. Crude and distillate stockpiles declined as gasoline supplies rose.