-
Oil Steadies After Losing 4% on Signs Global Market Is Softening
Oil held a sizable drop triggered by signs of a weaker physical market, including a deep pricing cut by OPEC+ leader Saudi Arabia. West Texas Intermediate traded near $71 a barrel after declining by more than 4% on Monday to unwind all of the prior week’s gain, with Brent above $76. Riyadh reduced its prices more than had been expected. Crude is coming off the back of its first annual drop since 2020, with losses driven by rising supplies from outside OPEC+ and concerns demand will slow this year including in top importer China. Still, attacks on shipping in the Red Sea by Houthi rebels and supply outages in Libya ... (full story)