A motorist in Leonia, New Jersey, fills up his car as the price of unleaded regular fell below $2 a gallon. (AP Photo/Seth Wenig, File)
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Oil fell to the lowest in more than six years in New York amid a worsening U.S. supply glut and the first interest rate increase by the Federal Reserve in almost a decade.U.S. crude stockpiles surged to 490.7 million barrels, the highest for this time of year since 1930, according to the Energy Information Administration.The European benchmark oil traded at a 70-cent premium to the February WTI contract.Crude inventories have expanded to 130 million barrels above the five-year seasonal average, EIA data showed Wednesday.
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