Oil held losses after a third week of declines as traders took stock of mounting evidence that a long-anticipated surplus is finally starting to emerge.
West Texas Intermediate fell to trade near $57 a barrel as investors rolled over positions ahead of the November contract’s expiry this week, adding to choppy trading. Floating storage lifted to a fresh high as producer nations keep adding barrels and the tankers sail further for deliveries, among the most tangible signs yet that markets are oversupplied.