By John Kemp, senior energy analyst Oil futures prices have fallen to the lowest level for four months and calendar spreads have slumped after OPEC+ ministers signalled their intention to start increasing production from the fourth quarter of 2024. Front-month Brent futures closed at $78 per barrel on June 3, the first day of trading following the OPEC+ ministerial meeting held on June 2, up just $2 per barrel compared with the same time last year.
Brent’s six-month spread slumped to a backwardation of $1.50 per barrel (56th percentile…What Does OPEC’s Strategy Shift Mean for the Oil Market?
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