Oil loses ground amid signs of adequate supply

Singapore —

US West Texas Intermediate crude futures were at $65.93 per barrel, down 37 cents, or 0.6%, from their previous settlement. Stephen Schork, of the Schork Report energy newsletter, said the shift to backwardation in the past four months was “a sign that the market’s underlying fundamentals have shifted away from a spot market that is well supplied to a market where demand is beginning to overtake supply.”

Despite the tight spot market, analysts said global oil markets remained adequately supplied thanks to ample spare capacity from the Middle East-dominated Organisation of the Petroleum Exporting Countries , Russia and also the US.

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