Oil benchmark Brent's price structure reflects tighter market

  • 📰 Reuters
  • ⏱ Reading Time:
  • 9 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 7%
  • Publisher: 97%

Business News News

Business Business Latest News,Business Business Headlines

The structure of the global benchmark Brent crude futures market is at its most bullish since April, reflecting the impact of production cuts from the Organization of the Petroleum Exporting Countries and allies (OPEC+) on available supply.

Brent, which is used to price over three-quarters of the world's traded oil, has been rising since late June, as leading producer Saudi Arabia has spearheaded output cuts.

At the end of June, the front month contract was at a discount to the six month contract, a structure known as contango that indicates plentiful supply.another month

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in BUSÄ°NESS

Business Business Latest News, Business Business Headlines