Oil Climbs as Global Traders Grow Bullish on Short-Term Outlook
- Brent market structure flips with front-month rising
- Some economic growth data show potential economic contraction
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Oil gained as energy traders grew more confident about the commodity’s immediate outlook.
Global benchmark Brent flipped from contango into a backwardated structure with the March contract surpassing April’s. The flip to oil being more expensive in the near-term signals that traders see demand outpacing supply. The spread was in contango for most of January.