Oil steadied as traders tracked softening market metrics and waited for reports that may give clues about an impending global surplus.

West Texas Intermediate was near $60 a barrel after a small gain on Monday, while Brent closed near $64. WTI’s prompt spread — the gap between its two nearest contracts — has narrowed to 9 cents a barrel in backwardation. That’s the lowest since February, and suggests less-tight conditions.

OPEC—which has been boosting supply— is due to release its monthly market analysis on Wednesday, with the International Energy Agency issuing an annual outlook the same day. The IEA has already forecast a record annual glut for 2026, and will update its view in a monthly snapshot on Thursday.

US oil futures have shed about 16% this year after posting losses for the

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