Oil pump silhouette working over counted 100 dollar banknotes.
Oil pump working on counted $100 bills – Photo: Shutterstock

oil Market tension is back after crude oil prices rose 13% last week as OPEC+ announced a sharp cut of 2 million barrels a day and US Strategic Petroleum Reserves (SPR) fell to their lowest level since July 1984.

Both Brent and STI The curves are again strongly backward skewed, with spot or front-end contracts trading significantly higher than 6-month or 1-year futures. Backwardation signals supply shortages in…

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