SINGAPORE: US crude stayed below $30 per barrel in Asia on Wednesday as oil price losses deepened on expectations US petroleum stockpiles will rise further and exacerbate the already oversaturated global market.
A rally last week driven by speculation that Russia and members of the Organization of the Petroleum Exporting Countries (OPEC) would reach an agreement to slash output in the oversupplied market has fizzled out amid skepticism such a deal would be reached.
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