Physical Oil Just Went From a Bidding War to a Fire Sale
Djeno crude sold at $25 under Dated Brent, with physical oil prices weakening. USO rose 0.82% to $158.15, while Exxon (XOM) and Chevron (CVX) fell. Goldman Sachs notes a war-risk premium in futures. Saudi Arabia and others increased exports, pushing Dubai into contango. January Brent settled at $103.60, down 1.1%.






