Oil drops on growing crude glut, doubts over output cuts - Reuters:
Oil slumped on Tuesday in the face of swelling crude supplies and weak fuel demand due to the coronavirus pandemic, while investors also grew cautious over expectations that the world’s biggest producers would quickly agree on output cuts.
West Texas Intermediate (WTI) crude CLc1 futures settled $2.45, or 9.4%, lower at $23.63 a barrel, accelerating their losses late in the day. Brent crude futures LCOc1 settled at $31.87 a barrel, losing $1.18, or 3.6%.
The decline accelerated ahead of weekly U.S. inventory reports that analysts expect to show a 9.3 million-barrel build in crude oil and a surge in refined products in storage.
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