On April 10, Brent oil, the European one, was about $109 a barrel; meanwhile the spot price was almost $145 a barrel. The actual price of oil ready for delivery. The margin between the physical prices and physical supplies have diverged to an extent not seen in decades. Saudi Arabia, Iraq, UAE have had to shut down or reduce production due to the inability to export. The delay in the resumption of Middle East Oil production could reduce the available supply going forward for months and the margin between spot oil and futures could gain traction.
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