Crude oil prices clawed back about half a dollar on Thursday,buoyed by a statement from a top Russian energy offi cial that globalmarkets were balanced,and no more production cuts from the Opec-plus coalition would be necessary.Product prices maintained their recent weakness,however.In London,gasoil sold off so heavily that the six-month time spreadwidened to a $6 contango,a level not seen since June 2021,when markets were still recovering from the pandemic,and the demandoutlook was murky.Heating oil,a proxy for diesel,”is a mess … and is capable of dragging crude oil down with it,”said Robert Yawger of Mizuho Securities.In London,the June contract for ICE Brent crude rose by 68￠ to settle at $78.37 per barrel on Thursday,while on Nymex in New York,the June contract for West Texas Intermediate(WTI)gained 46￠ to fi nish the session at $74.76/bbl.
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