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Record Oil Stockpiles Knock Futures Down Closer to $40 a Barrel

  • IEA sees `massive cushion' worldwide on record production
  • U.S. oil drillers add rigs, reversing 10 weeks of pullback
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OPEC Says Oil Glut Biggest in a Decade

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Oil dropped to the lowest in more than two months as stockpiles in developed nations have reached record levels and U.S. crude supplies keep rising.

West Texas Intermediate futures fell 2.4 percent. Oil inventories have expanded to a record of almost 3 billion barrels because of strong output from OPEC and elsewhere, the International Energy Agency said in a report on Friday. U.S. supplies climbed to 487 million last week, the most for this time of year in more than 80 years, according to U.S. government data.