Crude oil collapsed around US$ 5 to a 10-month low on Monday before rallying back to where it started the week. The wild ride was triggered by a Wall Street Journal article that said OPEC+ is considering an increase in production of 500,000 barrels per day at their gathering next week. Saudi Arabia later denied the report, and this saw the price roar back toward opening levels. Fractures started to appear in the oil market last Friday when the futures market dipped into contango for the first time since May 2021. Contango is an indication of underlying supply and demand dynamics within the oil market. It occurs when ... (full story)