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Oil Glut Trade on the Brink of Making Comeback in Blow for OPEC+

Oil sits on the pipe work fitting of an oil pumping jack in an oilfield near Almetyevsk, Russia.

Oil sits on the pipe work fitting of an oil pumping jack in an oilfield near Almetyevsk, Russia.

Photographer: Andrey Rudakov/Bloomberg

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An oil trade that only works when the market is glutted may be about to make a comeback. That’s bad news for producers withholding near-record amounts of crude in a coordinated bid to help prop up prices.