Oil slipped for a third day as investors assessed mounting signs of oversupply and the fallout from US sanctions on Russian producers.
Brent dropped below $65 a barrel, with price swings potentially exacerbated by the expiry of 50,000 options contracts still held near that level. The amount of oil being shipped across the world’s oceans hit a record high, a sign excess supplies are continuing to rise. In addition, OPEC+ may agree to add more production at a meeting this weekend.