Weekly Fundamentals - Brent's Backwardation Should Contune to Support Price

Crude oil prices ended the third quarter with strong gains, driven by better demand outlook and tighter supply as OPEC/non-OPEC producers continued to curb output. The WTI crude oil contract rose +12%, while the Brent contract surged +20%, in 3Q17. However, the former has remained in the negative territory while the latter has registered mild gain year-to-date.

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Weekly Fundamentals - Brent's Backwardation Should Contune to Support Price