Oil Dips With Weakening Market Structure Holding Back Rebound
- Nearest WTI spread deepens in structure indicating oversupply
- Futures fall for second day, extending last week’s selloff
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Oil declined for a second day as the market’s underlying structure weakened and the dollar strengthened.
Futures edged 0.3% lower in New York on Monday, paring earlier losses as U.S. equities reversed a decline. While the Bloomberg Dollar Spot Index faded from a session high, a small gain for the greenback still weighed on commodities priced in the currency.