oil futures

Investors see big oil surge, but physical markets suggest caution

Investors see big oil surge, but physical markets suggest caution

  • Traders say the surge in US exports to more than 2 million bpd has saturated some markets, leaving benchmark prices ripe for a correction.
  • Spot crude prices are at their steepest discounts to futures prices in years due to weak demand from refiners in China and a backlog of cargoes in Europe
By Reuters ·