Commodities
Oil Slides to Four-Month Lows as OPEC+ Deepens Bearish Sentiment
- Alliance to unwind production cutbacks from the fourth quarter
- Demand concerns, signs of ample supplies add to declines
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Oil fell to the lowest in about four months after OPEC+’s plan to loosen its production curbs this year deepened the market’s bearish sentiment.
The output cuts are scheduled to start unwinding as early as October, adding barrels to a market beset by persistent concerns about demand and robust supplies from outside the group. The perception that geopolitical risks to crude supplies are ebbing has also added to the declines.