Oil steadied as traders tracked softening market metrics and waited for reports that may give clues about an impending global surplus.
West Texas Intermediate was near $60 a barrel after rising 0.6% on Monday, while Brent closed near $64. WTI’s prompt spread — the difference between its two nearest contracts — has narrowed to 9 cents a barrel in backwardation. That’s the lowest since February, and suggests less-tight conditions.