Oil futures tick slightly lower Monday, attempting to stabilize after last week's big drop.
Oil futures edged lower early Monday, with crude attempting to find its footing after dropping sharply last week on worries about the economic outlook.
Price action Market history Both Brent and WTI dropped more than 5% last week, ending a streak of four consecutive weekly gains as crude gave back a chunk of the gains scored earlier this month after Saudi Arabia and other OPEC+ countries announced production cuts of around 1.15 million barrels a day beginning in May and running through year-end. That was accompanied by a pledge by Russia to extend a 500,000 barrel-a-day cut to the end of the year.
Physical premiums for a range of North Sea grades picked up meaningfully over the past week, along with West African crude, he said.
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