The oil futures curve is looking more bullish. Prompt time spreads for the U.S. benchmark crude and global Brent have firmed recently in backwardation -- a market structure where near-dated contracts are more expensive than later-dated ones -- indicating shrinking supplies. WTI is $52.54; Brent is $55.97
An increase in Iranian oil exports to China has received some attention in recent days and is now prompting fears of a clampdown. Indonesia seized two vessels -- one of which was Iranian-flagged -- that were transferring oil at sea, a common way to disguise the origin of cargoes. That came after Washington issued a seizure order for what it believes is 2 million barrels of Iranian crude onboard a tanker heading to the U.S. WTI is $52.67; Brent is $55.73
Oil steadied near $53 a barrel as signs of tightening supplies around the world offset concerns over the pandemic’s latest hit to demand. The premium of Brent and West Texas Intermediate crude’s nearest contract is widening over the next one in a bullish formation known as backwardation. WTI is $52.66; Brent is $56.04
Oil is currently balancing between future hopes, beliefs, and convictions versus a current dire situation. It is a balance between current weakness versus projections and hopes for future strength say some analysts. WTI is $53.15; Brent is $56.21
Oil in New York inched higher with investors assessing the impact of supply curbs from Iraq and Libya on the near-term outlook. Crude was also buoyed by a renewed climb in global equity markets as investors focused on the prospect of additional stimulus. WTI is $52.44; Brent is $55.58
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