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Oil posted its worst trading day in almost three months as recession fears gripped markets, outweighing a fundamentally tight supply market.

Oil settled below $90 a barrel as softer economic data from China and a potential breakthrough in negotiations with Iran eased pressure on crude markets.

Oil tumbled after OPEC+ unexpectedly rolled out a plan to restore some production to the market this year, adding to the bearish momentum crude has been experiencing for months.

Oil dropped to the lowest since last December as investors pared back crude positions amid a broader market sell-off.

Oil, whipsawed by volatile equity markets, fell the most since mid-March when a banking crisis battered the commodity, nullifying gains from a surprise production cut by OPEC+.

Oil firms that want to stay or operate in Venezuela have been applying for permits from the U.S. Treasury after Washington reimposed sanctions last month.

Oil narrowly held onto a four-day winning streak as investors weighed a mixed supply-and-demand outlook.

Energy Information Administration indicated that crude stockpiles rose the highest level in over three years.

Oil topped $88 a barrel a day after the OPEC+ alliance announced its biggest production cut since 2020.

Oil climbed as Chinese central bank assurances of economic support eased fears that a new round of virus lockdowns will crimp crude demand. Diesel markets also spiked amid a global clamor for supplies.