The international crude oil benchmark Brent is set to drop to $70 per barrel on the back of an expected oversupply of oil in the first quarter of 2022, Commerzbank said on Wednesday. Brent Crude traded at $72.72 per barrel early on Wednesday, down by 1.33%, as traders are still assessing the potential impact of Omicron on global oil demand amid mounting signs that an oversupply on the market is imminent.
The prompt Brent Crude spread traded briefly on Tuesday at a contango – the market structure in which front-month prices are lower…Brent To Fall To $70 In 2022 As Supply Overtakes Demand
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