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Oil Falls a Third Day as U.S., OPEC Output Seen Extending Glut

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Oil fell for a third day on speculation the highest production in decades from the U.S. and OPEC’s largest members will keep global markets oversupplied.

Crude’s recovery from a six-year low has faltered as a rebound of almost 40 percent since March spurs output. While data from Baker Hughes Inc. showed drillers in the U.S. cut the number of active oil rigs for a 27th week, the nation’s output still rose to a three-decade high of 9.61 million barrels a day.