Oil futures head lower on Monday, easing back after posting a monthly gain.
Analysts warned of “overbought” conditions in the market after oil prices touched their highest levels of the year in recent days, but expectations for a further tightening of supply continue to provide some support for prices.
WTI and Brent jumped by more than 25% in the third quarter, with the U.S. benchmark last week hitting its highest close in nearly 13 months. Brent last week traded at its highest since November. Crude has rallied over the past four months, with tightening supplies taking center stage. Analysts have cited Saudi Arabia’s June decision to implement a voluntary production cut of 1 million barrels a day beginning in July — a reduction that was recently extended through the end of the year — as the primary driver for the rally.
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