Oil Slides Toward $48 as Skepticism Over OPEC-led Cuts Returns - Bloomberg

Oil Slides Toward $48 as Skepticism Over OPEC-led Cuts Returns - Bloomberg:

"Oil investors are back to being skeptical over whether OPEC-led production cuts are draining a global glut fast enough, keeping prices below $49 a barrel and driving crude toward a second weekly loss.

Futures declined as much as 1.1 percent in New York. Neither a pledge by the two biggest producers of the Organization of Petroleum Exporting Countries to strengthen their commitment to curbs, or shrinking U.S. crude stockpiles is managing to lift prices. The International Energy Agency cut estimates for the amount of crude needed from OPEC this year and next after lowering its historical assessments of consumption in nations including China and India."



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