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Brent Oil Extends Slide Below $60 as Supply Surplus Signs Grow
Oil extended declines, with Brent crude slipping below $60 a barrel for the first time since May, as indications grow that supply is outpacing demand against the backdrop of efforts to end the war in Ukraine.
The global benchmark fell as much as 1.4%, while US crude futures extended declines from the weakest close since 2021
Signs of weakness are mounting across the oil market, with Middle Eastern crude prices briefly entering a bearish contango pattern early on Tuesday. The same has happened with some barrels sold on the US Gulf Coast. Other parts of the market, however, remain in the opposite backwardation pattern that still indicates supply tightness.
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