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Oil Drops Most in Three Weeks Amid Falling Equities, Output Jump

  • S&P 500 Index is on track for first decline in four days
  • U.S. government data shows jump in crude stocks, production
Texas Oil Fields As U.S. Flexes Refining Muscles
Photographer: Luke Sharrett/Bloomberg
Updated on

Oil dropped by the most in more than three weeks as equities declined and a U.S. government report showed an expansion of crude stockpiles and production.

Futures in New York slid 2.3 percent. Declines in the equity market, a rising dollar and concern that Trump’s tariff threats will spark a trade war acted as a downward force on crude oil. And at the same time, the Energy Information Administration reported American crude inventories rose by 2.41 million barrels last week, while production jumped to a fresh record.