Oil’s Middle Eastern Benchmark Grade Flashes Signs of Oversupply
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Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000The Middle East’s Dubai oil benchmark is showing signs of worsening oversupply, adding to a slew of indicators pointing to a global glut.The forward curve for Dubai crude — a grade Asian traders and refiners price transactions against — is fast weakening. The spread between January and February contracts briefly turned negative on Tuesday morning, with one January-February lot changing hands at minus $2 a barrel, according to traders and brokers familiar with the matter. That’s a bearish pattern known as contango.