Commodities
Oil Slides With Traders Focused on Demand Ahead of OPEC+ Meeting
- OPEC+ edges closer to a deal to push back revival of output
- EIA reports fuel inventories rose while diesel demand declined
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Oil fell 2% to settle below $69 a barrel as tepid US economic data undercut OPEC+’s progress on a deal to keep output constrained.
The decline comes after crude futures tested their 50-day moving average, a key level that had spurred some technical buying. But slowing US services activity growth and swelling fuel stockpiles — both signals of weak demand — weighed on the market.