According to the International Energy Agency's May Oil Market Report released today, oil futures prices declined in April on seasonally weaker demand. Brent fell by around $6.10/bbl to $103.40/bbl amid a surplus of light, sweet grades in Europe, and last traded nearly unchanged at $103.10/bbl. In contrast, WTI inched down by just $0.90/bbl to an average $92.05/bbl, and by early May bounced back up to $95.50/bbl. The WTI‐Brent futures price spread fell to its narrowest in more than two years, contracting to about $7.75/bbl in early May from an average $11.35/bbl in April, $16.58/bbl in March and $20.75/bbl in February. Read more
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