Oil slides as US withdrawal from Paris accord compounds glut concerns
US crude production last week was up by nearly 500,000 barrels per day
London — Brent crude tumbled below $50 on Friday, heading for a second straight week of losses, on worries that US President Donald Trump’s decision to abandon a climate pact could spark more crude drilling in the United States, worsening a global glut. Benchmark Brent crude futures were off by 1.8 percent at $49.73 per barrel at 14.15 GMT, down 90 cents from the previous close. US West Texas Intermediate crude futures fell 84 cents to $47.54 per barrel. Both contracts were on track for weekly losses of at least 4 percent. The US withdrawal from the landmark 2015 global agreement to fight climate change drew condemnation from Washington’s allies — and sparked fears that US oil production could expand even more rapidly. "I think we will see a United States that is about to go crazy in terms of producing fossil fuels," said Matt Stanley, a fuel broker at Freight Services International in Dubai, adding other producers could do the same. "Why wouldn’t they ramp up production when produc...
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