Oil Plummets Toward $44, Extending U.S. Losses

5 May 2017   Prices

Oil prices fell 3% over the course of a few minutes in midday Asian trading Friday, hitting their lowest level since a key production-cut agreement in November as traders lost faith that those cuts would reduce the glut. That quick decline followed an overnight drop of 5% in New York, sending prices below $45 a barrel for the first time since the Organization of the Petroleum Exporting Countries agreed in late November to cut output…

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