Oil prices retreat on Demand Destruction Fears, benchmarks off 4% for week https://ift.tt/J4HzYyS drop has come despite a small output cut by the Organization of the Petroleum Exporting Countries (OPEC) and allies, together called OPEC+, Russia's threat to cut oil flows to any country that backs a price cap on its crude, and a weaker outlook for U.S. oil production growth.