Oil Back in the $90s After West Doesn’t Sanction Russian Energy

Brent crude is still deep in backwardation, even after the West didn’t sanction Russian energy, highlighting investor nervousness over the tight supply situation. The global benchmark’s prompt spread was $3.60 a barrel in backwardation compared with $1.82 two weeks ago. The discount of WTI to Brent, meanwhile, ballooned to its widest since April 2020, possibly incentivizing traders to…

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News Source: https://www.bloombergquint.com/business/oil-advances-as-traders-mull-russia-sanctions-wti-brent-spread

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