(Bloomberg) -- Oil was steady at the end of a turbulent week as the market weighed strong US economic data and a possible attack by Iran or its proxies on...
-- Oil was steady at the end of a turbulent week as the market weighed strong US economic data and a possible attack by Iran or its proxies on Israel against a lackluster Chinese demand outlook.Brent crude traded near $81 a barrel and was up around 2% for the week, with West Texas Intermediate below $78. Robust retail sales and jobs data from the US, the biggest oil consumer, helped offset concerns about slowing fixed-asset investment and industrial activity in China, the largest importer.
Timespreads are showing underlying strength in markets. The gap between the two nearest contracts for Brent has widened in a bullish, backwardated structure — when the prompt contract trades at a premium to the following one. The spread is 88 cents a barrel in backwardation, compared with under 57 cents at the start of the month.New Breed of EV Promises 700 Miles per Charge Jim Cramer on Chipotle Mexican Grill, Inc.
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