Sluggish oil demand recovery with resurging coronavirus cases in many parts of the U.S. and the world and the return of previously withheld production from OPEC+ and North America have combined to flip the oil futures curve again to a sign of a new glut looming this year. According to Reuters estimates, the Brent Crude futures for September 2020 have been trading lower than the futures contracts further out in time over the past week, which means the market is now back into contango—the state in which prices for delivery at later dates are higher than front-month prices. During the peak lockdown period, when every ... (full story)