(Bloomberg) — Oil is set to tumble back toward $20 a barrel as global producers will likely fall short of targeted cuts this week, leaving a supply overhang that will threaten to overwhelm global storage, according to ING Groep NV.Oil giants including Saudi Arabia and Russia are likely only going to be able to cobble together a global agreement to curb 6 million to 7 million barrels a day of supplies, said Warren Patterson, ING’s head of commodities strategy. That’s more than triple what OPEC+ was cutting at the start of this year but is short of the 10 million …read more
Source:: Yahoo Finance
