Oil capped its biggest weekly decline since 2016 on concerns that weakening economic growth and surging U.S. supply will lead to a surplus next year, overwhelming OPEC’s efforts to stabilize the market.
Oil prices tumbled on Tuesday after reports of swelling inventories and forecasts that record U.S. and Russian output will hit a market that may see weaker demand if global growth deteriorates as many expect.
This is neither an offer nor a solicitation to purchase or sell securities. The information and views contained on this site are believed to be reliable, but no responsibility (or liability) is accepted for errors of fact or opinion. Writers and contributors may be trading in, or have positions in the securities mentioned in their articles. Neither IndiaNotes nor any of the contributors accepts any liability arising out of use of the above information/article. Reproduction in whole or in part without written permission is prohibited.