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Oil headed for a fourth consecutive monthly decline as concerns about tighter monetary policy and swelling stockpiles in the US eclipsed optimism about rising demand in top importer China.
West Texas Intermediate ticked above $76 a barrel, but is still down more than 3% this month. Crude has been burdened in February as signs of sticky inflation in the US have spurred expectations the Federal Reserve will keep hiking. That’s aided the dollar, hurting commodities priced in the currency.
Oil prices have also been weighed down by rising US stockpiles, which are at the highest level since May 2021. As part of that increase, there have been builds in crude holdings at the key storage hub in Cushing, Oklahoma.
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