Physical Oil Traders Are Desperate for Crude

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Physical Oil Traders Are Desperate for CrudePrices for actual barrels from the North Sea, Asia, and the Americas are now trading at the highest in half a decade. Key price spreads that show how urgently oil refineries need benchmark Brent barrels are soaring. The list of known supply curbs and disruptions is growing, and traders are now also having to contend with mounting tensions in the Persian Gulf--the world’s largest export region.

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