(Bloomberg) — Oil held a drop with traders assessing tensions in the Middle East ahead of economic data releases from the US.
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West Texas Intermediate traded below $79 a barrel after declining by 1.5% on Monday, the biggest loss in more than a week. Brent crude closed under $83. Wider markets remained subdued ahead of the release of US jobs data and remarks from Federal Reserve officials.
Crude has been on a slow-motion ascent, with global benchmark Brent gaining around 7% this year, helped by OPEC+’s limiting of supply and tensions in the Middle East. The group extended its roughly 2 million-barrel-a-day reduction through the end of June, with the cutbacks to be gradually unwound subject to market conditions after that, OPEC’s Secretariat said in a statement.
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