Oil Lingers Below $43 After Entering Bear Market on Glut Worries
- Kuwait oil minister asks producers to do more to support deal
- Supplies from the U.S. to Libya rise, threatening OPEC deal
StanChart's Brice Says Oil Prices Bottom Next Month
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Oil closed below $43 a barrel for a second day as brimming supplies work against OPEC-led efforts to reduce a glut.
Futures edged up 0.5 percent in New York after losing nearly 5 percent since the start of the week. A report Wednesday from the Energy Information Administration showed U.S. oil production increased to the highest since August 2015. A committee of OPEC and non-OPEC members meeting in Vienna this week is said to have wrestled with the issues of increasing production in Libya and Nigeria, coupled with soaring U.S. output.