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Brent spot price soars to $141, highest since 2008

financeApr 2, 20267538

Spot Brent for physical cargoes due within weeks jumped to $141.36 on Thursday, the highest level since the 2008 financial crisis. That spot price traded about $32.33 above the June futures contract, which closed at $109.03. S&P Global tracks the data, and Amrita Sen of Energy Aspects said futures are giving markets a false sense of security. The divergence signals near-term supply tightness, raises fuel and inflationary pressures, and increases downside risks to global growth.

Key Highlights

Spot Brent for near-term cargoes hit $141.36, highest since 2008.
Spot price traded about $32.33 above June futures, which closed at $109.03.
Analysts warn futures markets mask tight near-term supply conditions.
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