• Oil extended losses after an industry report pointed to rising US crude inventories, adding to bearish signs for the market.
  • West Texas Intermediate dropped for a third session toward $78 a barrel, while Brent closed 1% lower on Tuesday. The American Petroleum Institute reported that crude stockpiles rose by 2.5 million barrels last week, according to people familiar. API figures also showed swelling Cushing supplies.
  • Oil futures are still around 9% higher this year due to supply cuts from OPEC+, but some market measures are starting to point to weakness. The prompt spread for global benchmark Brent is nearing a bearish contango structure, which would signal oversupply.
  • Traders are now turning their attention to an OPEC+ meeting in early June, where a rollover of existing curbs is expected.