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Yahoo BusinessMay 27, 2020
Oil Extends Slide Below $32 on Signs U.S. Stockpiles Swelled
(Bloomberg) -- Oil extended its drop to trade below $32 a barrel after a U.S. industry report signaled crude inventories swelled for the first time in three weeks, raising fresh concerns about excess supply.Futures fell 3.8% in New York, putting the market on track for its first back-to-back daily decline in three weeks. The American Petroleum Institute reported that stockpiles expanded by 8.73 million barrels last week, according to people familiar with the data. If confirmed by government figures on Thursday, it would be the biggest increase this year.Oil's rally started to falter Wednesday after Moscow signaled that it wanted to scale back supply cuts pledged under the OPEC agreement from July, but Russian President Vladimir Putin and Saudi Arabia's Mohammed bin Salman later reiterated their cooperation to the deal ahead of a June 9-10 meeting.Oil is still up about 70% this month as supply curbs trim a global glut and pockets of demand emerged after the easing of lockdown restrictions. The physical market is showing signs of recovery, with refiners across Asia buying distressed cargoes, while the top U.S. infectious disease expert said there is a chance that a coronavirus vaccine will be available by the end of the year.However, the damage inflicted by the pandemic continues to reverberate across the industry, with Chevron Corp. planning a 10% to 15% reduction in its global workforce this year, the biggest cut to headcount yet among majors. Relations between Washington and Beijing deteriorated further a
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