Oil held a decline on signs that supply is rebounding while concerns linger about demand in China, the biggest importer.
West Texas Intermediate futures for October traded near $80 a barrel, after rising 0.7% on Monday. Exports from Iran surged to 2.2 million barrels a day this month, while Reuters reported that Iraq’s oil minister arrived in Ankara to discuss issues including resuming shipments through the Ceyhan terminal.
A rally in crude that started in late June has faltered over the last couple of weeks, with futures back to where they were at the start of the year. Efforts by OPEC+ linchpins Saudi Arabia and Russia to curb supply have tightened the market but the demand outlook in China is worsening and there are signs US interest rates will need to stay higher for longer to rein in inflation.
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