WTI Crude Oil futures dropped as oversupply concerns persisted.

WTI Crude Oil futures dropped by 3.5%, slipping below $59 a barrel, as overwhelmingly negative sentiment persists due to perceived market oversupply and global demand indicators. Oil has lost ground this year amid concerns of a hefty surplus, with OPEC+ restoring capacity and drillers outside the group raising production. The OPEC+ group agreed last week to revive 137,000 barrels a day of production next month. India will increase oil intake from Saudi Aramco, while China has reduced Saudi imports. The EIA inventory data has been delayed until Thursday, with expectations for a build of 1 million barrels. Natural Gas futures declined by 1% despite rising concerns about a Polar Vortex, which could lead to extreme cold in the US, Asia, and parts of Europe, signaling higher demand for the heating fuel than originally forecast.