Oil slumps, investors say OPEC supply cuts won't be enough
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NEW YORK (Reuters) - Oil prices slumped on Thursday, giving back an earlier 10% surge as investors doubted the emerging supply-cut agreement between members of OPEC and its allies would adequately address the global fuel demand collapse caused by the coronavirus pandemic. Oil producers led by Saudi Arabia and Russia were hammering out an agreement to address growing oversupply amid a 30% drop in worldwide fuel demand. The pandemic has crushed global demand, and even a cut of 10 million barrels..