Oil Holds Near Lowest Since 2021 With Focus on Swelling Glut
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Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000An oilfield crew works a service rig during a state-funded oil well plugging operation in Midland, Texas.Oil steadied after closing at the lowest level in almost five years on Tuesday as signs of oversupply proliferate across the market.West Texas Intermediate was near $55 a barrel after tumbling close to 6% over the previous four sessions. Brent settled just below $59. Signs of weakness are emerging from the Middle East to the US, as investors brace for a glut that the International Energy Agency predicts will be the biggest since the pandemic.