The Brent futures flat price for the Jun contract reached a low of $90.62/bbl at 13:20 BST before retracing and reaching $91.25/bbl around 14:25 BST. Flat price then slipped back down to $90.69/bbl by 14:55 BST and then found support once more up to $91.59/bbl by 16:20 BST. Tensions in the Middle East, concerns over tightening supply and expected demand growth as economies improve have lent support to oil prices. Aramco today hiked the prices of most of its crude grades for May, as Middle Eastern benchmarks find strength in an increasingly tight market. ADNOC has been sending its medium sour grade Upper Zakum for processing at a local refinery since the end of 2023, thus releasing more volumes of its Murban crude for exports. Exxon Mobil shares hit an all-time high today with other major oil companies also flirting with record highs. The Jun/Jul and Jun/Dec Brent futures spreads are at $1.06/bbl and $5.69/bbl, respectively.
