Economics
Oil Slumps to Sixth Weekly Loss on Shaky Outlook for Supply Cuts
- World’s biggest crude exporters may return to output caps
- ‘Remarkable’ slide in crude may spur Saudis to act: Rodgers
Photographer: Norm Betts/Bloomberg
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Oil notched its sixth straight weekly loss, weighed down by concerns over whether OPEC and its allies can reduce production enough to stanch a global supply glut.
After bouncing between gains and losses on Friday, futures were unchanged at the close of New York trading, encapsulating the uncertainty in the market after a tumultuous week. U.S. oil prices plunged 7.1 percent on Tuesday, the most in three years, before recovering some ground later in the week.