Oil Slides Most in Two Weeks as Traders Doubt OPEC+ Supply Cuts - Bloomberg

Oil Slides Most in Two Weeks as Traders Doubt OPEC+ Supply Cuts - Bloomberg:

Oil slid to its worst loss in two weeks as doubts grew about whether OPEC and its allies can deliver enough output cuts to head off a glut.

Futures fell 3.1 percent in New York, evaporating all the gains from last week’s pact between Russia, Saudi Arabia and other top producers to crimp supplies. Worries about demand also took a toll as data showed Chinese imports rising less than expected and Beijing summoned the U.S. ambassador to protest the arrest of a telecom executive.

While the alliance known as OPEC+ agreed to slash about 1 percent of global production, it remains uncertain exactly how the cutbacks will be implemented, analysts at Goldman Sachs Group Inc. and Morgan Stanley noted.