UPDATE 5-Oil slides as producer cuts fail to banish demand fears [Reuters]
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Source: Reuters
Oil slides as producer cuts fail to banish demand fears LONDON (Reuters) - Oil prices plunged again on Tuesday as investors were unconvinced that record supply cuts could soon balance markets pummeled by the coronavirus pandemic. Brent LCOc1 futures fell 62 cents, or 2%, to $31.12 a barrel by 1310 GMT after settling 0.8% up on Monday. U.S. West Texas Intermediate (WTI) crude CLc1 was down 98 cents, or 4.4%, at $21.43 after dropping as much as 5% following a 1.5% decline in the previous session. The Organization of the Petroleum Exporting Countries (OPEC), along with Russia and other producing countries - a grouping known as OPEC+ - agreed over Easter to cut output by 9.7 million barrels per day (bpd) in May and June, equating to about 10% of global supply before the coronavirus outbreak. Additional output cuts by the United States, the world’s biggest producer, and other nations outside the OPEC+ group will take the estimated total reduction to about 19.5 million bpd. “With demand des
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