Oil slides 6% as producer cuts fail to banish demand fears - Reuters

Oil slides 6% as producer cuts fail to banish demand fears - Reuters:

Oil prices fell around 6% on Tuesday as investors doubted that record OPEC+ supply cuts would soon balance markets as demand plunges due to the coronavirus pandemic.

Brent crude futures LCOc1 fell $1.74, or 5.5%, to $30.00 a barrel by 12:57 p.m. EDT (1657 GMT). U.S. West Texas Intermediate (WTI) crude CLc1 was down $1.51, or 6.7%, at $20.90 a barrel.

Global oil producers worldwide are expected to cut overall output by roughly 19.5 million barrels per day, or nearly 20% of world supply.

However, those commitments - which include voluntary cuts that will happen gradually in places like the United States - will not be enough to reduce the growing worldwide supply glut. Oil prices remain more than 50% down this year.