Oil Stumbles as Putin Clouds Outlook for More Production Curbs
- IMF also cuts growth forecast to lowest since financial crisis
- Brent falls for first time in four days, despite Libya tension
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Oil fell by the most in more than two weeks as Russian President Vladimir Putin clouded the outlook for production cuts that have helped power this year’s rally.
Brent crude futures slipped 0.7 percent on Tuesday, after gaining the previous three days amid rising tension in Libya. Putin, at a St. Petersburg forum, said Russia is comfortable with current prices and not yet ready to say whether it wants to extend output curbs it orchestrated with OPEC. Meanwhile, the industry-funded American Petroleum Institute was said to report U.S. crude stockpiles rose by 4.09 million barrels last week.