If oil had a face right now, it would be grinning awkwardly—and Morgan Stanley can’t look away. According to the bank’s latest note, the Brent crude forward curve has twisted itself into a bizarre shape: it’s sloping down hard across the first nine contracts, then turning upward into 2026. In Morgan Stanley’s words, “there is little historical precedent” for this lopsided smile. What’s behind the weirdness? Blame the usual suspects: a U.S.-driven trade war, OPEC+’s unexpected pump-fest, and…
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