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Oil Steadies After Tumbling Almost 4% on More Oversupply Signs
Oil steadied after a steep drop as rising Russian flows and higher US output added to concerns that supply is running ahead of demand. Global benchmark Brent traded near $73 a barrel after shedding almost 4% on Tuesday, while West Texas Intermediate was above $68. The weekly average of Russia’s seaborne crude exports jumped to the highest level since early July, while the US raised its estimate for output over this year. Timespreads continue to indicate an oversupplied market. Brent and WTI futures are in bearish contango structures through to the middle of 2024, with prompt barrels at discounts to later ones. ... (full story)