Biggest contango since 2018 could buoy floating oil storage
Share:
LONDON/SINGAPORE (Reuters) - The oil market this week took a turn that could prompt traders to consider storing oil offshore as a growing crude surplus threatens to worsen.The coronavirus outbreak in China, the world's biggest oil importer, has triggered a fall of more than $10 in Brent crude futures as China's state-owned and independent refiners reduce output in the face of tumbling fuel demand. The Brent market flipped into contango last week for the first time since July 2019 as prompt..