Oil steadied as traders tracked softening market metrics and waited for reports that may give clues about an impending global surplus.
West Texas Intermediate was near $60 a barrel after rising 0.6% on Monday, while Brent closed near $64. WTI's prompt spread — the difference between its two nearest contracts — has narrowed to 9 cents a barrel in backwardation. That's the lowest since February, and suggests less-tight conditions.
OPEC — which has been boosting supplies — is due to release its monthly analysis on Wednesday, with the International Energy Agency issuing an annual outlook the same day. The IEA — which has already forecast a record annual glut for 2026 — will deliver its regular monthly snapshot on Thursday.
Indian imports were also in focus. US President Donald Trump said Washington was getting "pretty close" to a trade deal with New Delhi, and the country had "stopped doing the Russian oil — it's been reduced very substantially." Trump has pushed India to curb crude-buying from Moscow as part of efforts to end the war in Ukraine.
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Prices:
WTI for December delivery fell 0.2% to $60.01 a barrel at 7:35 a.m. in Singapore.
Brent for January settlement climbed 0.7% to $64.06 a barrel on Monday.
Source: Bloomberg
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