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Oil prices fall amid demand concerns; OPEC+ to unwind supply cuts from Q4
Oil markets sold off heavily in May amid easing geopolitical risk premiums and intensifying concerns about the impact on oil demand of higher-for-longer interest rates. Brent futures closed the month down 7.1 percent m/m at $81.6/bbl (+5.9 percent ytd). The positive spread between the front month and third month contract, a structure known as backwardation (prices for prompt delivery being higher than prices for delivery in the future), narrowed to a multi-month-low of just $0.28/bbl as May drew to a close, a sign of more ample near-term supplies and a looser market. Meanwhile, local market Kuwait Export Crude (KEC) ... (full story)
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- Posted: Jun 10, 2024 11:12pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 188
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