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Investors see big oil surge, but physical markets suggest caution

Reuters  |  NEW YORK/LONDON/SINGAPORE 

By Devika Krishna Kumar, Libby George and Florence TanNEW YORK/LONDON/SINGAPORE (Reuters) - Oil futures prices have soared past three-year highs, OPEC's deal has cut millions of barrels of inventory worldwide and investors are betting in record numbers that prices could rocket past $80 and even hit $90 a barrel this year. But physical markets for oil shipments tell a different story. Spot crude prices are at their steepest discounts to futures prices in years due to weak demand from refiners in China and a backlog of cargoes in Europe. Sellers are struggling to find buyers for West African, ...

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First Published: Tue, May 15 2018. 10:39 IST
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