Singapore — Oil prices fell on Wednesday amid signs that global markets remain adequately supplied despite a jump to 2019 highs this week on Washington’s push for tighter sanctions against Iran. Brent crude futures were at $74.13 per barrel at 4.56am GMT, down 38 cents, or 0.5%, from their last close. US West Texas Intermediate (WTI) crude futures were at $65.93 per barrel, down 37 cents, or 0.6%, from their previous settlement. Crude oil prices for spot delivery rose to 2019 highs earlier in the week after the US said on Monday it would end all exemptions for sanctions against Iran, demanding countries halt oil imports from Tehran from May or face punitive action from Washington. The spot price surge has put the Brent forward curve into steep backwardation, in which prices for later delivery are cheaper than for prompt dispatch. Stephen Schork, of the Schork Report energy newsletter, said the shift to backwardation in the past four months was “a sign that the market’s underlying fu...
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