Oil Caps Fifth Weekly Loss on Global Supply Glut Concern
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Oil fell, capping a fifth weekly loss on concern that OPEC’s refusal to cut production will worsen a global supply glut.
Brent and West Texas Intermediate extended their annual declines of more than 40 percent, the biggest since 2008, as the Organization of Petroleum Exporting Countries resisted supply cuts to defend market share while the highest U.S. production in three decades exacerbated a global glut. Trading volume headed for the lowest this year.