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Oil Traders Buying Back Into Market’s Bullish Summer Outlook

  • Brent’s prompt spread strongest in a month, swaps surge
  • Market buoyed by signs of demand gaining in parts of the world

Signs of oil market strength are creeping back as traders gear up for an expected rebound in consumption over the summer and supplies shrink in the North Sea.

Some of the market’s more esoteric gauges have surged in recent days, buoyed in part by a barrage of strong consumption data in the U.S. as well as some of the heaviest maintenance in years at fields pumping benchmark North Sea supplies. There’s also been a supply outage in Libya.