LONDON – Oil edged lower yesterday, but kept within sight of the previous day’s all-time high above US$80, as investors stayed locked into the market for the long haul.
Their enthusiasm has grown thanks to a backward-dated market structure, where oil prices nearby are higher than those further forward, which produces favourable returns for investors. US crude traded at US$79,85 a barrel, after hitting a record of US$80,18 on Wednesday.London Brent crude was at US$77,46.US crude traded at US$79,85 a barrel, after hitting a record of US$80,18 on Wednesday.London Brent crude was at US$77,46.
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