In just under a month, the oil-price gains inspired by a surprise output cut from OPEC+ have disappeared. Demand concerns are the main culprit, with fuel markets flashing signs of weakness and some refiners now mulling operational cuts as profit margins sink. Brent crude tumbled below $80 a barrel on Wednesday to close at the lowest level since late March.
(Bloomberg) — In just under a month, the oil-price gains inspired by a surprise output cut from OPEC+ have disappeared. Demand concerns are the main culprit, with fuel markets flashing signs of weakness and some refiners now mulling operational cuts as profit margins sink. Brent crude tumbled below $80 a barrel on Wednesday to close at the lowest level since late March.
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