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Europe, Africa oil markets tighten, lending support to futures

Europe, Africa oil markets tighten, lending support to futures

RED Sea shipping delays and OPEC+ supply cuts are tightening physical oil markets in Europe and Africa as well as the Brent crude market structure, lending further support to oil futures prices, according to traders, LSEG data and analysts. A sustained rise in crude prices would lift energy, transportation and manufacturing costs and threaten to unwind some of the recent falls in global inflation, just as major central banks are expected to begin cutting interest rates. On Thursday, the benchmark Brent crude futures market structure hit its most bullish since October. The premium of the first-month contract to the six-month…
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