Oil traded near a two-month low in New York after the government reported that U.S. crude production climbed to the highest level in more than 15 years while fuel consumption decreased.
Futures fluctuated after dropping 4.1 percent yesterday, the most since June, following an Energy Department report that crude output rose 11,000 barrels a day to 6.52 million last week, the most since December 1996. Total fuel demand fell 0.3 percent to 18.3 million barrels a day in the four weeks ended Sept. 28, the lowest level since April. Crude and distillate stockpiles declined as gasoline supplies rose.
Source: Bloomberg. Read full article. (link)