HONG KONG: Oil held losses after tumbling into a bear market as rising global supply offset efforts by the Organisation of the Petroleum Exporting Countries (Opec) and its allies to drain a glut.
August futures were little changed in New York after front-month prices closed on Tuesday more than 20% below their February peak. Libya, exempt from the Opec-led output cuts, is pumping the most in four years while oil stored on tankers reached a 2017 high this month.
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