HONG KONG: Oil fell to trade near US$16 a barrel as swelling global crude stockpiles made it more difficult for leading producers to balance the market by curbing output.
Futures in New York slid as much as 10%, snapping a four-day gain. While US drilling is sliding and Saudi Arabia has started reducing output ahead of the start date for OPEC+ supply cuts, investors are focusing again on the massive glut of crude that’s taking tanks close to capacity around the world, raising fears of a re-run of the crash that sent May West Texas Intermediate prices below zero for the first time ever last week.
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