Despite recent signs of weakening oil demand as Europe grapples with a new wave of COVID cases, the crude oil futures market structure still points to demand beginning to outpace supply in the second half of 2021, analysts tell Reuters . The front-month spread of the Brent Crude futures prices flipped to contango in March, pointing to weaker demand and an oil oversupply in the immediate term. Last week, the nearest Brent Crude contract for May was trading at a discount to the next-month contract, the June contract, for the first time since January this year. The contango—the structure in which the front-month price is lower than prices in future months—points to an oversupply on the market. Only the nearest contract was in contango, but the weakness in the backwardation in recent days has exacerbated concerns over near-term oil demand. Early on Wednesday, the May contract continued to trade […]