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London — Oil slumped to less than $16 a barrel on Wednesday, hitting its lowest since 1999, with the market awash with excess supply as the economic fallout from the coronavirus pandemic continues to hammer demand for fuels.

A glut has been building since oil cartel and partners Opec+, led by Saudi Arabia and Russia, failed to renew output cuts last month. Opec+ agreed new curbs this month, but government lockdowns to contain the Covid-19 pandemic have cut fuel demand more steeply...

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