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Oil Slides Most in Two Weeks as Traders Doubt OPEC+ Supply Cuts

  • Goldman Sachs, Morgan Stanley warn of persisting uncertainty
  • WTI futures drop 3.1%, erasing gains from Friday’s supply deal
Updated on

Oil slid to its worst loss in two weeks as doubts grew about whether OPEC and its allies can deliver enough output cuts to head off a glut.

Futures fell 3.1 percent in New York, evaporating all the gains from last week’s pact between Russia, Saudi Arabia and other top producers to crimp supplies. Worries about demand also took a toll as data showed Chinese imports rising less than expected and Beijing summoned the U.S. ambassador to protest the arrest of a telecom executive.