Oil Glut Trade on the Brink of Making Comeback in Blow for OPEC+
Oil sits on the pipe work fitting of an oil pumping jack in an oilfield near Almetyevsk, Russia.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
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An oil trade that only works when the market is glutted may be about to make a comeback. That’s bad news for producers withholding near-record amounts of crude in a coordinated bid to help prop up prices.