In October, the OPEC Reference Basket (ORB) fell by $2.82, or 3.0%, m-o-m, to an average of $91.78/b. The ICE Brent front-month contract fell by $3.89, or 4.2%, m-o-m, to $88.70/b, and the NYMEX WTI front-month contract fell by $3.96, or 4.4%, m-o-m, to average $85.47/b. The DME Oman front-month contract fell by $4.06, or 4.3%, m-o-m, to settle at $89.31/b. The front-month ICE Brent/NYMEX WTI spread widened in October by 7¢ to average $3.23/b. The market structure strengthened further as the front end of futures forward curves for ICE Brent, NYMEX WTI and DME Oman steepened on concerns over geopolitical tensions in ... (full story)