The premium of July Brent crude oil futures contract over August contract narrowed to the lowest since the end of March.
Indian demand has been hit, and strong exports to the United States have boosted transatlantic supply
An indicator of tighter supply in the crude oil market fell on Tuesday on fears that the epidemic would lead to weaker demand in India and an increase in supply from the European market.
According to data from ICE European Futures ExchangeThe premium of the Brent crude oil futures contract for delivery in July over the August contract is narrowing day by day.。The spread fell to 19 cents on Tuesday, the lowest since late March.Which indicates thatTraders are less bullish on the oil market.
The narrowing of the price gap is worthy of attention.Because the last time the Brent crude oil futures contract spread between recent and distant months narrowed sharply, the price of crude oil fell by several dollars. But now, due to the sharp rebound in end-user oil demand, especially in Europe and the United States, people can be less pessimistic.