Charts on Brent crude and WTI futures show clearly defined backwardation.

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Oil producers added pressure in the market after Brent futures on Thursday recorded its lowest settlement price since December 2010 and WTI crude notched its lowest settlement since October 2011.

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Margin requirements in the spotlight this week again after the CME Group, owner of futures exchange NYMEX, announced a 25% hike in collateral requirements for crude oil futures, putting initial, and short-lived, pressure on WTI and Brent prices.

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