Oil bounces back, but markets remain fragile amid trade disputes
SINGAPORE - Oil prices recouped more than 1% on Friday but were on track for their biggest weekly loss this year after swelling inventories and jitters over an economic slowdown led to big falls earlier in the week.
The forward price curve for Brent crude futures remains in backwardation, in which prices for prompt delivery are higher than those for later dispatch, implying tight market conditions and making it profitable to produce and sell oil immediately rather than store it for later sale. ANZ said U.S. sanctions on Iran’s and Venezuela’s oil industries would likely further reduce crude exports from OPEC, of which both countries are members.
And the glut has spread beyond North America. Struggling to cope with an economic slowdown and oversupply from fuels, Asian refinery margins this week fell to their lowest seasonal levels since at least the financial crisis a decade ago, triggering plans for refinery run cuts.
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