Russia’s lack of support for continuing global production curbs in July punctured oil’s rally to a nearly three-month high and raised questions about OPEC+’s ability to drain a massive supply glut.

Oil’s recovery from its historic crash last month is barreling ahead, with some OPEC producers displaying signs of confidence that the market is stabilizing.

Oil prices fell even as supply curbs tightened the market and demand rebounded with the reopening of major economies.

Oil surged to the highest level since early April on an improving outlook for crude demand, alongside a rally in broader markets.

Oil fell despite the first U.S. stockpile decline since January.

Oil’s recovery from last month’s epic plunge accelerated as production cuts start to whittle down a supply glut and more economies ease their coronavirus lockdowns.

Oil is set to edge lower for the week after recovering from a dramatic collapse April 20 that saw prices in New York plunge below zero for the first time in history.