OIL DEMAND & PRICES UP
Global crude oil prices in April rose in response to near-term supply concerns and a more positive economic outlook that suggests rising demand for crude oil.
The stronger crude oil demand outlook is likely the main reason for higher crude prices across the entire futures curve, whereas the near-term supply concerns are putting additional upward pressure on prices for near-term delivery. As a result, the futures curve for crude oil has both shifted since the beginning of the month and flattened out. The flatter futures curve means that the market's contango (when prices for near-term deliveries are lower than prices for…
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