Oil Gets Little Relief From OPEC's Hints That Curbs Could Deepen - Bloomberg

Oil Gets Little Relief From OPEC's Hints That Curbs Could Deepen - Bloomberg:

Oil fell toward $45 a barrel as worries over rising U.S. supplies and the global economy overshadowed signals from OPEC that it may extend or even deepen its pledged output curbs.

Futures fell 0.3 percent in New York, after declining 11 percent last week -- the most since January 2016. Officials from Iraq, Kuwait and the United Arab Emirates agreed with Saudi Arabia’s expectation that the group will extend its cuts for another six months. They will have to contend with U.S. producers, which added 10 oil rigs last week, according to Baker Hughes data, even as the nation’s output stays near record high levels.