ING: The widening of crude oil spreads indicates a tightening of the crude oil market

Sina Financial News Dutch international analysts said that the spread between Brent crude oil and WTI crude oil has further widened, that is, the spot price is higher than the futures price, indicating that the fundamentals of the crude oil market continue to be strong. The ICE Brent front-month contract is trading at a premium of nearly $1 per barrel to the second-month contract, up from $0.70 a barrel at the end of last week. Oil prices surged to a fresh five-month high on Tuesday amid heightened hostilities in the Middle East and reports that Mexico plans to stop supplying its main product, Maya crude, to refineries in the United States, Europe and Asia, a move that will further tighten global supplies.