• Oil was steady after its longest weekly losing streak in five years that’s been driven by signs supply is starting to run ahead of demand.
• Brent traded below $76 a barrel, after logging seven weeks of declines, while West Texas Intermediate was near $71. A US plan to refill the Strategic Petroleum Reserve helped crude snap a six-day losing streak on Friday, with the global benchmark closing up 2.4%.
• Oil has fallen more than a fifth since late September, with even additional output cuts from OPEC+ and statements by Saudi Arabia and Russia that curbs could be extended beyond March failing to stem the slide.