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Oil Advances to Five-Month High U.S. as Output Slump Persists

  • Crude output decreases to lowest level since October 2014: EIA
  • ConocoPhillips cuts spending further as it posts a loss
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Oil Producer Earnings Shake Off Low Price Pressure

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Oil rose to a five-month high in New York after a further drop in U.S. crude production signaled lower prices are taking a toll on the nation’s shale boom.

Futures capped an 8 percent gain over three sessions. Output slipped for a seventh week to the lowest since October 2014, a report from the Energy Information Administration showed. Nationwide supplies rose by 2 million barrels to 540.6 million, the highest since 1929. The gain accelerated as the dollar fell to a 10-month low, bolstering the appeal of commodities priced in the currency to investors.