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QP - WTI caught between demand rebound & new outbreaks - June 22, 2020
The WTI front-month contract climbed above $40/bbl on Friday and settled at $39.75, its highest level since March 6, following signs of increasing global demand and OPEC+ reassurances on production cuts. Brent flipped into backwardation late in the week, with the August contract trading as high as 15 cents above September on Friday—signaling a tightening physical oil market amid economic recovery. However, these gains appear to be held in check by concerns about demand......
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