Oil retreated for a third day to trade below $65 a barrel, hurt by weakness in the market’s near-term pricing structure and a firmer dollar. West Texas Intermediate fell 0.9%, after losing 1% over the prior two sessions. Brent also dropped. On Monday, WTI’s nearest timespread slipped into its deepest contango since January, signaling oversupply. The dollar held a two-day gain that made crude more expensive for holders of other currencies. WTI’s prompt timespread moves into contango on oversupply concerns Despite the setback, oil remains on course for a fourth quarterly gain as the rollout of vaccines, revival in economic activity, and supply discipline by the Organization of Petroleum Exporting Countries and its allies combine to underpin the market. That’s spurring banks to upgrade forecasts for crude over 2021, with Citigroup Inc. the latest to tweak its price targets. At the start of last week, WTI neared $68 a […]