Oil steadies as oversupply concerns persist, US output hits record

• Oil prices steadied after a two-day decline, driven by persistent concerns about global oversupply.
• West Texas Intermediate closed at $58 per barrel, while Brent was near $62 per barrel.
• US crude output is projected to hit a record 13.6 million barrels per day this year, contributing to global supply.
• API reported a 4.8 million barrel drop in US crude inventories last week, but fuel stockpiles significantly increased.
• Crude prices have been range-bound since November due to oversupply and geopolitical risks; OPEC and IEA reports are anticipated.

Why It Matters: Global oil oversupply concerns could impact your energy costs.