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With futures well down from September highs, widely watched timespreads for global benchmark Brent and U.S. counterpart West Texas Intermediate have softened, signaling ample supply, while U.S. stockpiles have jumped.
ALBAWABA – Oil prices dropped on Monday ahead of the meeting of the Organization of Petroleum Exporting Countries and its allies (OPEC+) Thursday
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Over the past month, oil prices have shed some $10 per barrel and WTI even started to see contango as market sentiment soured, developments that will inevitably lead to lower Middle East OSPs in December
Crude prices have continued to see support from ongoing tensions in the Middle East, and despite a reversal in crude prices, the overall supply picture remains tight