Weekly Fundamentals - WTI-Brent Spread Widened to 8-Month High

Crude oil prices gained last week but the WTI-Brent spread widened further to levels not seen since March. Relative strength in Brent was driven by concerns over Iraqi and Libyan output suspension, oversupply in the US, a return of refinery demand and arbitrage trading. Brent front-month time spreads, after demonstrating briefly contango earlier in the month, have been in backwardation which has been widened in recent weeks.

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Weekly Fundamentals - WTI-Brent Spread Widened to 8-Month High