(Bloomberg) — Oil held losses near the lowest in almost four months after OPEC+’s plan to return barrels to the market raised concerns about oversupply.
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West Texas Intermediate futures traded near $74 a barrel after tumbling 3.6% on Monday, while Brent closed above $78. The alliance is scheduled to add more crude to the market as early as October, despite persistent concerns around the demand outlook and robust supply from outside of the group.
Oil prices have trended lower since early April as geopolitical risks ebbed and demand showed signs of faltering, leading to some refiners cutting operating rates. The prompt spread for Brent has narrowed toward a bearish contango structure, signaling ample near-term supplies.
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