Oil benchmarks are on track to decline for the first time in five years due to concerns about a supply surplus and weak Chinese demand. However, prices rebounded after Saudi Arabia and Russia urged OPEC+ members to join output cuts. Brent crude futures and U.S. West Texas Intermediate crude futures rose after hitting their lowest levels since June. The market is believed to be oversupplied, as reflected by the contangoed structure of the crude oil benchmarks.