Oil Collapses Into Bear Market as Robust Supply Pressures OPEC+

(Bloomberg) — Oil headed for a fourth weekly loss after sinking into a bear market as signs of healthy supplies and rising stockpiles offset attempts by OPEC+ leaders Saudi Arabia and Russia to keep declines in check.

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West Texas Intermediate traded near $73 a barrel after dropping more than 20% from a high in September. Global benchmark Brent plunged almost 5% on Thursday. The declines followed a build in US crude inventories, and were likely amplified by automated…