According to Commerzbank, a significant oversupply of oil in the first quarter of 2022 is set to drive the price of Brent down to $70 On Tuesday, the prompt Brent Crude spread traded at a contango for the first time since March 2020, signaling an oversupply If OPEC+ continues to unwind its cuts then oversupply could reach 2 million barrels per day by the second quarter of 2022 The international crude oil benchmark Brent is set to drop to $70 per barrel on the back of an expected oversupply of oil in the first quarter of 2022, Commerzbank said on Wednesday. Brent Crude traded at $72.72 per barrel early on Wednesday, down by 1.33%, as traders are still assessing the potential impact of Omicron on global oil demand amid mounting signs that an oversupply on the market is imminent. The prompt Brent Crude spread traded briefly on Tuesday at […]