Oil pared its fifth straight weekly loss on optimism that OPEC+ will deepen output cuts, even as crude’s market structure signaled increasing over-supply amid a virus-driven hit to global demand.

OPEC+ is waiting for Russia to respond to a recommendation by a panel of experts from the coalition for additional supply curbs and the extension of current reductions until the end of the year. Brent oil’s contango has continued to steepen, a market structure indicating plentiful supply will persist, as the deadly outbreak dents travel and saps consumption of fuels and crude.

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