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Oil futures and swaps globally are increasingly showing signs of easing supply concerns and resurfaced concerns about further weakness in crude oil demand. The prompt spreads in the U.S. benchmark, WTI Crude, are already in contango, signaling enough near-term supply. Brent Crude front-month to second-month futures prices also dipped into contango earlier this week. Contango is the state of the market in which prices for delivery at later dates are higher than prompt prices—a market situation signaling oversupply and one which traders use…
oil market metrics signal sufficient supply and weakening demand
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