Brent crude futures edged up to $82.97 with the forward curve remaining in backwardation, signaling immediate supply tightness. Traders see this as a bullish fundamental cue, especially with recent export disruptions from key North Sea terminals. "Concerns that a US government shutdown will curtail economic activity and the resumption of Iraq's Kurdish oil exports is also weighing on the crude price," Sycamore said. Crude oil’s price history can be fairly described as a highlight reel of economic chaos. In July 2008, Brent crude rocketed to a record of approximately $147 a barrel as demand soared and everyone panicked about running out. Consumers felt it right away—gas in the U.S. blew past $4 a gallon, hitting wallets hard at the exact moment the financial system was cracking. Brent crude futures eased to $82.56 after the Energy Information Administration reported a surprise build in gasoline stocks. Despite this, crude inventories remain tight, keeping the broader supply outlook supportive.
