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The Commodities Feed: Oil risk premium eases
Sentiment in the oil market remains soft, with prices for both ICE Brent and NYMEX WTI trading flat in the early trading session today. The reduced premium for geopolitical risks overshadowed bullish inventory numbers by the American Petroleum Institute (API). In contrast, oil timespreads continue to tighten with Brent prompt spread backwardation expanding to US$1.04/bbl as of today, compared to a backwardation of US$0.69/bbl a week ago. Meanwhile, the US Senate approved the bill last night which would expand sanctions to include foreign ports, vessels, and refineries that knowingly process or ship Iranian crude in ... (full story)