Oil Slips in Risk-Off Mood as Attention Turns to OPEC+ MeetingFollowing the US holiday on Monday, oil spent the week swinging in a $3 directionless trade amid muted volumes. West Texas Intermediate fell to settle near $77 a barrel as a lack of fundamental catalysts meant that crude was swayed by broader risk-off sentiment.Traders have turned their attention to OPEC+ as the cartel presses on with informal talks aimed at finalizing an agreement on oil-output cuts this weekend.
The prompt timespread for Brent futures is now in a bearish contango structure for the first time since January. It’s worth noting that while Brent’s move into contango is another indication of a softening market, the shift is likely to be brief with the July contract expiring Friday. That said, the spread for August against September, currently in backwardation, has narrowed.
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