Oil tumbled below $60 a barrel in New York with the OPEC+ alliance said to be set to agree to a production increase later this week. U.S. crude futures fell 1.5% to the lowest in more than a week on Tuesday, while its global counterpart Brent hit a two-week low. The widespread view among the producer group is that the market can absorb additional barrels, according to people familiar with the matter. That could put the alliance on track to implement the majority of the 1.5 million barrel-a-day output hike that’s up for debate on Thursday. Oil’s underlying market structure has also weakened this week. The backwardation, an indication of tightening supplies, seen in key timespreads is shrinking. At the same […]