Oil Needs Further Demand Impetus to Pursue Rally

摘要

Brent rode a winning streak this week but still failed to break through to $70 per barrel by the end - a sign the risk of Iranian supply returning to the market has been stronger than the momentum from financial markets (OD May18'21). The ICE Brent July contract ceased trading at market close on Friday and the benchmark ended 3.5% - or $2.38/bbl - above its previous month's expiry. The Brent front-to-second month timespread shot up to 89￠ during the session, regaining the sort of strength that was last seen during the March expiry two months ago.