Oil futures on Wednesday gave up early gains to extend their losses into a third consecutive session. The longer-term outlook for oil remains much less certain with a significant increase in U.S. oil production “dulling the effects of the OPEC+ output cuts led by Saudi Arabia and Russia,” said Tyler Richey, co-editor at Sevens Report Research.
“With longer-term demand expectations fading with the latest string of disappointing global economic reports we received this week, there is growing concern the physical markets will tip into a surplus in the months or quarter ahead.” December West Texas Intermediate crude CLZ23, -0.38% fell 58 cents, or 0.7%, to settle at $80.44 a barrel on the New York Mercantile Exchange.
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