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Oil Holds Loss After Worst Slump in 3 Years on Weakening Outlook
Oil was showing little sign of recovering from its unprecedented decline as investors flee a market hammered by swelling supplies and a darkening demand outlook. Futures in New York were little changed on Wednesday, after plunging 7.1 percent in the previous session for the biggest one-day drop in more than three years. OPEC warned demand for its crude is falling faster than expected, underlining why Saudi Arabia and some other members are signaling output cuts. Still, President Donald Trump’s pressuring the kingdom not to cut output is stoking concerns OPEC and its allies may not change course to prevent a supply ... (full story)