Back in backwardation ?
Crude prices continued to be lifted by a declining US dollar, while the Libyan national oil company declared force majeure on its Hariga port due to budget…
Brent prompt month futures remained range-bound on early Monday, as newly implemented European travel restrictions were anticipated to reduce gasoline and jet demand in February. Furthermore, lower speculative demand on WTI contract is likely to have eased upward flat price pressure, as shown by the latest CTFC report. Finally, Saudi official selling prices are expected to dip lower, compared to the benchmark, as Asian demand looks increasingly uncertain.
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