Analysts See Oil Markets Balancing Out In H2 2021 ...Middle East

Despite recent signs of weakening oil demand as Europe grapples with a new wave of COVID cases, the crude oil futures market structure still points to demand beginning to outpace supply in the second half of 2021, analysts tell Reuters. The front-month spread of the Brent Crude futures prices flipped to contango in March, pointing to weaker demand and an oil oversupply in the immediate term. Last week, the nearest Brent Crude contract for May was trading at a discount to the next-month contract, the June contract, for the first time since…

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