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