Oil Steadies As Narrowing Spreads Point To Softer Conditions

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.

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.