Oil prices are broadly stable as markets move toward a short-term supply glut. Brent crude rises 0.3% to $72.02 a barrel, while WTI contracts for August delivery are flat at $68.73 a barrel. Oil prompt spreads are in contango--where oil futures are more expensive than spot prices--signaling ample near-term supply, MUFG's Soojin Kim writes. "The recovery in Gulf exports, together with rising oil volumes of Iranian oil held offshore, continues to add to short-term supply." Risks to supply remain however, as key issues between the U.S. and Iran remain unresolved, including the future governance of the Strait of Hormuz, the analyst adds.(josephmichael.stonor@wsj.com)
Dow Jones Newswires
Oil Prices Stable as Near-Term Supply Plentiful — Market Talk
Oil prices are broadly stable as markets move toward a short-term supply glut. Brent crude rises 0.3% to $72.02 a barrel, while WTI contracts for August delivery are flat at $68.73 a barrel. Oil prompt spreads are in contango--where oil futures are more expensive than spot prices--signaling ample n…