(Bloomberg) — Oil snapped a three-day gain as optimism over a nascent recovery in demand was replaced by worries about the supply glut, while the continued exodus of exchange-traded funds also weighed on sentiment.Futures in New York fell 3% to around $19 a barrel after their first weekly gain in a month that was driven by early signs of improving consumption and the start of production curbs. That positive tone was undercut, however, by a Bloomberg survey showing OPEC production surged by the most in almost 30 years in April as countries kept pumping even after reaching a price-war truce.Fears …read more
Source:: Yahoo Finance
