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(Bloomberg) -- Oil extended gains after industry data pointed to shrinking US crude stockpiles ahead of a report from the IEA on the market outlook.Most Read from BloombergHunter Biden Convicted of Gun Charges by Jury in DelawareApple Hits Record After Introducing ‘AI for the Rest of Us’Dozens of CVS Generic Drug Recalls Expose Link to Tainted FactoriesPimco Warns of More Regional Bank Failures on Property PainStocks Rise as Solid Treasury Sale Spurs CPI Bets: Markets WrapBrent futures climbed a

Five straight losses for oil are now viewed as oversold.

The key disappointment for the markets was the plan to start unwinding some of the extra voluntary production cuts as early as October this year

Oil prices are on course for a weekly decline after comments from the Fed on interest rate cuts added to bearish sentiment, with the futures market swinging into contango for the first time since the start of the year.

The OPEC+ group is expected to extend its oil production cuts into the second half of 2024 when producers meet on Sunday.