Oil edged below $40 a barrel in New York as OPEC and allied producers started supplying more crude to a global market where many countries are still struggling to contain the coronavirus. (Bloomberg) — Oil edged below $40 a barrel in New York as OPEC and allied producers started supplying more crude to a global market where many countries are still struggling to contain the coronavirus. OPEC+ will pump about 1.5 million barrels more this month than in July as it starts to unwind its historic virus-driven output curbs, with Russia already having lifted its output slightly last month. The increase in supply comes as virus cases accelerated in California, a lockdown is being reimposed in Manila, and Australia’s second-biggest city instituted a curfew to stem the spread. Meanwhile, tensions between Washington and Beijing continued to simmer, with U.S. Secretary of State Michael Pompeo flagging measures against “a broad […]