Oil Holds Near Four-Month Low as OPEC+ Plan Spurs Supply Concern

Oil held losses near the lowest in almost four months after OPEC+’s plan to return barrels to the market raised concerns about oversupply.

West Texas Intermediate futures traded near $74 a barrel after tumbling 3.6% on Monday, while Brent closed above $78. The alliance is scheduled to add more crude to the market as early as October, despite persistent concerns around the demand outlook and robust supply from outside of the group.