💨 Abstract

On Monday, oil prices surged by 2% to a four-month high due to expectations of U.S. sanctions on Russian oil driving Chinese and Indian buyers to find alternative suppliers. This surge kept both Brent and WTI benchmarks in technically overbought territory for the second day in a row. The premium of front-month contracts over later-dated futures (time spreads) reached a high not seen in several months, as the energy market saw growing interest.

Courtesy: theprint.in

Summarized by Einstein Beta 🤖