The Commodities Feed: Oil under pressure amid rebound in Middle East flows

AI Summary

Oil prices are under pressure amid a rebound in Middle East flows, particularly through the Strait of Hormuz, leading to growing pressure on the ICE Brent forward curve as it moves into contango. This signals an improving supply picture in the energy market.

Energy – Brent curve reflects improving supply picture The oil market is on course for its fourth consecutive week of declines as flows through the Strait of Hormuz continue to normalise. The increase in oil flows is putting growing pressure on the front end of the ICE Brent forward curve. It’s increasingly moving into contango, ...