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Oil Falls to Lowest Since April 2009 on Rising U.S. Crude Supply

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Oil tumbled to the lowest in almost six years after a government report showed that U.S. crude inventories advanced to the highest level in data going back more than three decades.

Crude supplies rose 8.87 million barrels to 406.7 million, the most in records compiled since August 1982 by the Energy Information Administration. Production advanced to the highest level in more than three decades, EIA data show. Price declines accelerated after the Federal Reserve maintained its pledge to be “patient” on raising interest rates and boosted its assessment of the economy and labor market.