Oil Falls Below $80 With Bulls Fleeing as Physical Demand Slows

Source: Financial Post [Canada]

“Oil futures fell below $80 a barrel, extending a sharp weekly decline, as the global crude market softens amid signs of an oversupplied market. Pullbacks were evident along most of the oil-trading complex. On Friday, the US prompt-spread flipped into contango, a structure that signals oversupply, for the first time since last year. Meanwhile, a deteriorating market for physical barrels has also weighed on prices as demand for winter-delivery cargoes has weakened.” (11/18/22)