Oil was steady near a five-month low with oversupply concerns in focus after OPEC+’s pledges to extend and deepen output cuts failed to halt a slump in prices.

West Texas Intermediate traded above $71 a barrel, while global benchmark Brent was near $76. Skepticism that alliance members will fully adhere to the voluntary reductions, along with surging production from non-OPEC suppliers, particularly the US, has raised fears of a widening surplus.