# Physical Oil Markets Run Hot Before OPEC+ Meets on Crude Output By Bloomberg

> Physical crude markets were tight ahead of an OPEC+ meeting, with futures and swaps in major pricing hubs in steep backwardation. Analysts noted Brent near $75 and that Iran sanctions relief remains uncertain.

- Date: 2021-06-28 · published 2021-06-28T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/46756-physical-oil-markets-run-hot-before-opec-meets-on-crude-output-by-bloomberg
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Strong physical demand and backwardation signal tight supply, supporting crude and energy input costs for feed producers.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Sources

- investing.com: https://www.investing.com/news/commodities-news/physical-oil-markets-run-hot-before-opec-meets-on-crude-output-2544576

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