- Brent futures fall for third day, poised for monthly drop
- Prompt timespread slips into bearish contango structure
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.
Oil is set to end the week little changed after being buffeted by bullish drivers — including attacks on a ship in the Red Sea — and bearish sentiment from wider financial markets and signals of a slowdown in Chinese demand. This month’s drop has pared Brent’s gain to less than 10% this year, and OPEC+ is expected to prolong output cuts, with the