Oil's Collapse Deepens as Supply and Demand Concerns Roil Market - Bloomberg

Oil's Collapse Deepens as Supply and Demand Concerns Roil Market - Bloomberg:

Oil showed little sign of recovering from its unprecedented decline as investors flee a market hammered by swelling supplies and a darkening demand outlook.

Futures in New York held losses after plunging 7.1 percent in the previous session in the biggest one-day drop in more than three years. OPEC warned demand for its crude is falling faster than expected, underlining why Saudi Arabia and some other members are signaling output cuts. Still, President Donald Trump’s exhortation that the group shouldn’t cut output is stoking concerns producers may not change course to prevent a glut.

Oil’s record 12-session slide that’s taken it into a bear market has been exacerbated by a U.S. decision to grant some nations waivers from its sanctions, allowing them to continue buying some Iranian crude. Meanwhile, rising American output and inventories are pointing to an emerging glut and speculation is swirling over whether the Organization of Petroleum Exporting Countries and its allies including Russia will act to stem the price slump.