Oil in New York headed for its longest run of losses since February as traders were rattled by OPEC plans to restore output, while the spread with benchmark Brent widened. Futures slid 1 percent in New York after Friday’s 4 percent decline. There was no settlement Monday for West Texas Intermediate because of the U.S. Memorial Day holiday and all trades will be booked Tuesday.

That decline came as Saudi Arabia and Russia said the Organization of Petroleum Exporting Countries and its partners may boost supply to make up for potential losses from other members, most notably Venezuela and Iran.

U.S. President Donald Trump’s decision to reimpose sanctions on Iran and Venezuela’s slumping output drove oil to the highest level in more than three years earlier this month, prompting complaints from consuming nations like India about higher costs. That rally ended as OPEC and its allies committed to boosting supply, while logistical constraints at Cushing — the Oklahoma hub where contracts are settled — weighed further on WTI.

“They can’t move the product fast enough out of Cushing, so whenever Brent moves, WTI moves a little less,” said Michael Poulsen, an analyst at Global Risk Management Ltd. “There are no major limitations on Brent.”
Prices Slide

WTI for July delivery fell as much as 3.1 percent to $65.80 a barrel and traded at $66.96 on the New York Mercantile Exchange as of 2:45 p.m. in London. Futures are headed for a fifth straight session of declines, the longest such stretch since Feb. 9.

Brent futures for July settlement rose 0.7 percent to $75.82 a barrel on the London-based ICE Futures Europe exchange, after dropping $1.14 on Monday. The global benchmark’s premium to WTI rose to as high as $9.04 on Tuesday.

Meanwhile, explorers in the U.S. added 15 oil rigs last week, taking the total to 859, the highest in more than three years, and adding to bearish signals for the market.

“We had a surprise rise in the rig count after a period where there’s been some speculation about bottlenecks in U.S. production limiting the prospect of further output increases,” said Jens Naervig Pedersen, a senior analyst at Danske Bank A/S in Copenhagen.