• Oil headed for a fourth straight monthly drop as concerns about tighter monetary policy and swelling stockpiles in the US eclipsed optimism about rising demand in top importer China.
• West Texas Intermediate was steady near $76 a barrel, and is down almost 4% this month. Crude has been burdened in February as signs of sticky inflation in the US have spurred expectations the Federal Reserve will go on raising rates. That’s aided the dollar, hurting commodities that are priced in the currency.
• Oil prices have also been weighed down by rising US stockpiles, which are at the highest level since May 2021. As part of that increase, there have been builds in crude holdings at the key storage hub in Cushing, Oklahoma.