Commodities
Oil Extends Decline With Supply in Focus Before OPEC+ Meeting
- Brent futures fall for third day, poised for monthly drop
- Prompt timespread slips into bearish contango structure
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Oil fell for a third day as a key market gauge highlighted oversupply concerns before an OPEC+ supply meeting on Sunday.
Brent crude for August was near $82 after sliding 1.9% on Thursday, while West Texas Intermediate traded below $78 a barrel, with both headed for a monthly drop. The prompt timespread for Brent weakened into a bearish contango structure for the first time since January, indicating oversupply.