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Oil Falls to Lowest in Almost Six Years on Global Glut

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Crude oil fell to the lowest in almost six years after OPEC Secretary-General Abdalla El-Badri said that there was about 1.5 million barrels a day of excess supply.

Oil slipped 1 percent in New York, reversing an intraday gain of 1.8 percent that followed comments by El-Badri that OPEC is open to talks with outside producers and insufficient investment could push crude prices to $200. A blizzard that may dump 2 feet of snow from New York to Boston bolstered diesel, often traded as a proxy for heating oil.