Oil prices slipped on Tuesday ahead of data shedding light on U.S. appetite for fuel during the summer driving season, with the Brent benchmark’s price structure indicating bulls are retreating.
Brent’s six-month backwardation – a price structure whereby sooner-loading contracts trade above later-loading ones – is hovering near lows last seen in March, indicating shrinking concern about supply crunches. The oil market has shrugged off a clash between Moscow and Russian mercenary group Wagner which was averted on Saturday. Russian oil loadings have kept on schedule.