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Oil Drops Most in 3 Years as Investors Flee Darkening Outlook

  • WTI steady after dropping below $56 for first time in a year
  • Trump casts Twitter barbs at Saudis as kingdom pledges cuts
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Samantha Azzarello, ETFs global market strategist at JPMorgan, discusses oil prices and U.S. markets.(Source: Bloomberg)
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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.

New York futures were little changed on Wednesday in Asia after plunging 7.1 percent in the previous session for the biggest one-day drop in three years. OPEC has given a dire forecast for 2019 demand just as American production and stockpiles steadily increase. Meanwhile, U.S. President Donald Trump’s Twitter critique of Saudi Arabia’s plan to curb output may dissuade other cartel members from similar moves, given the influence his past comments have had on OPEC actions.