Oil Drops After Saudi-Russia Output Revival Plan Rattles Traders - Bloomberg:
"Oil headed for its longest run of losses since February as investors weighed Saudi Arabia and Russia’s proposal to boost output to ease concerns over supply shortages.
Crude futures in New York slid 1.6 percent on Tuesday after tumbling 4 percent on Friday. Saudi Arabia and Russia said on Friday that they may restore some of the output halted as part of a deal between OPEC to make up for potential losses from other members, most notably Venezuelan supply and Iran. There was no settlement Monday because of the U.S. Memorial Day holiday and all trades will be booked Tuesday."
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