Oil Plunges as Shaky Outlook for Demand Counters OPEC+ Promise - Bloomberg

Oil Plunges as Shaky Outlook for Demand Counters OPEC+ Promise - Bloomberg:

Oil slid to its worst loss in two weeks as mounting fears about the global economy undercut the latest plan from OPEC and its allies to stabilize markets.

Futures dropped by as much as 4.3% in New York, the steepest intraday decline since June 12. Bank of England Governor Mark Carney warned of the dangers of rising protectionism around the globe, citing a “widespread slowdown” that may require a major policy response. That added to worries following weak manufacturing reports from the U.S., China and Europe.

The anxieties blotted out optimism despite Tuesday’s agreement by major oil exporters to extend production cuts for nine more months. Divisions remained over Saudi Arabia’s push to target even deeper reductions, with Russia expressing doubts at the end of a summit in Vienna.