As OPEC gears up for a meeting in Vienna on Nov. 26, oil prices are on track for their fourth consecutive weekly loss. Prices are hovering at levels last seen in mid-July as the market grapples with slowing demand and easing supply concerns. Contango typically arises when current supply outstrips demand, leading to a decline in spot prices and expectations of a future price increase due to anticipated demand surges or supply constraints. Currently, the curve displays a condition of contango up to five months, with the December contract (CLZ2023) trading at discount compared to the April 2024 contract (CLJ2024). Bear Market and Global Supply Furthermore, the oil market has dipped into a bear market, with prices plunging 21% since September 2023’s highs. West Texas Intermediate (WTI) surged to $75 a barrel on Friday, rebounding after Thursday’s 4.7% sell-off. The United States Oil Fund, an exchange-traded security tracking the performance of the spot price of light sweet crude oil, i...