The oil market continues to strengthen, with ICE Brent in striking distance of US$80/bbl. Risk sentiment has clearly improved across broader markets this week, whilst the oil market also continues to deal with disruptions to Kurdish oil flows via Turkey. In addition to the strength in the flat price, the WTI/Brent discount (June contract) has narrowed to around US$4/bbl, after having traded close to a US$6/bbl discount in early March. Strike action in France would be contributing to this narrowing, given that refiners have had to reduce run rates, weighing on crude demand. The wide discount seen in the spread over ... (full story)