What's Moving the Oil Markets?

What's Moving the Oil Markets?

•Front-month IPE Brent futures in London were firmer Tuesday morning, reversing Monday's losses as an increase in intermonth spread buying narrowed the August/September contango, market sources said. With little fresh news, brokers pointed out the tightening of the intermonth spread as a main market feature as crude traders look toward the expiry of the August Brent contract on July 14.

•Since Monday the August-September intermonth spread has tightened from -88 cents to -48 cents. Traders said that this narrowing has had a knock-on effect on the September-October spread which has tightened by 28 cents since early electronic trading Tuesday to -56 cents.

•Market sources said there was little other price-changing news but that ongoing tensions between the West and Iran over Tehran's nuclear program, as well as an expected active hurricane season in the US continued to provide price support.

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