Trading giants Trafigura and Gunvor have been on a buying spree in the Brent crude oil market, driving prices to their highest level since the benchmark’s methodology changed in 2023. Their activity underscores the critical role Brent plays in setting global oil prices. However, recent buying has also sparked concerns around the future of the benchmark as the oil market continues to evolve.
Brent
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Oil prices are poised for a second consecutive weekly decline as the Israel-Hamas conflict shows no signs of escalation, and concerns emerge on the demand front. Global benchmark Brent has…