"Oil Prices Plummet as Oversupply Concerns Trigger Longest Decline in Five Years"

Oil prices continue to decline, marking the longest weekly losing streak in five years, as concerns over oversupply outweigh the latest production cuts announced by the OPEC+ alliance. Despite positive factors such as plans to refill the Strategic Petroleum Reserve in the US and a strong jobs report, the spreads between monthly contracts indicate weakness in supply and demand. The market remains vulnerable due to surging output in the US and other major producers, slower Chinese demand growth, and the risk of a US recession. The upcoming assessments by the International Energy Agency, OPEC, and the US Energy Department, as well as the Federal Reserve's rate decision, will be closely monitored.