Oil was little changed as investors weighed talks of higher Iranian supply against the prospect of a continued recovery in demand.
Oil climbed to the highest in almost two weeks as traders looked ahead to this week’s OPEC+ meeting with speculation that renewed demand concerns will spur the group to keep production in check.
Oil set a fresh one-year high in New York with continued producer supply curbs helping spur strength everywhere from physical markets to the futures curve.
Oil ended a choppy session lower with worsening global coronavirus outbreaks accentuating concerns over a demand rebound.
Oil fell amid growing concerns that another wave of the coronavirus pandemic will lead to tighter lockdown measures and further stifle crude demand.