# Europe, Africa oil markets tighten, lending support to futures

> Brent crude's prompt-versus-six-month spread reached $4.34 a barrel, its most bullish structure since October, as European and African oil markets tightened. The move supports futures prices.

- Date: 2024-02-23 · published 2024-02-23T12:00:00.000Z
- Category: market · region Europe · magnitude low
- Page: https://feedsoft.ai/events/31836-europe-africa-oil-markets-tighten-lending-support-to-futures
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A steeper backwardation signals tighter physical supply, which tends to lift energy input costs for feed production.

## Read by commodity

- BRENT: bullish ▲

## Sources

- reuters.com: https://www.reuters.com/business/energy/europe-africa-oil-markets-tighten-lending-support-futures-2024-02-23/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.