Oil Futures Market Points To Sluggish Demand ...Middle East

The structure of the oil futures market is showing signs of sluggish global oil demand and sufficient supply, despite the imminent EU embargo on imports of Russian crude oil from December 5.   Prices of crude grades on the physical market have declined this month, while the futures market is flirting with contango compared to large backwardations seen earlier this year.    Contango is the state of the market in which prices for delivery at later dates are higher than prompt prices—a market situation signaling oversupply. The…

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