Oil briefly flashed a warning signal that shows traders are worrying about oversupply - Business Insider

. That's the reverse of the way the futures curve normally sits — and it's historically signaled excess supply.. China is the single largest importer of oil in the world.

In addition, OPEC+'s willingness to support prices hangs in doubt, Bloomberg reported. OPEC+ delegatesto discuss production cuts in light of coronavirus. But those talks have stalled as key OPEC allies have signaled resistance. The global benchmark bounced up as much as 2.37% Tuesday, though the inter-day high of $54.53 per barrel remained just over a dollar more than the 52-week low of $53.11 per barrel.

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