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Oil Declines as Surging OPEC Crude Production Threatens Rally

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Crude dropped after the International Energy Agency said this year’s rally is under threat as OPEC’s biggest members pump at a record pace.

Saudi Arabia, Iraq and the United Arab Emirates each produced record amounts of oil in May, the IEA said. Futures also retreated as the dollar advanced against its major peers for the first time in four days, making raw materials priced in the U.S. currency less attractive as a store of value.