Oil slumps on disappointment with OPEC supply deal
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NEW YORK (Reuters) - Oil prices slumped on Thursday, giving back an earlier 10% surge as investors reacted negatively to the emerging supply-cut agreement between members of OPEC and its allies in response to the global fuel demand collapse due to the coronavirus pandemic. Oil producers led by Saudi Arabia and Russia tried to hammer out an agreement that would address growing oversupply amid a 30% drop in worldwide fuel demand. However, analysts said that the production group may end up cutting..