LONDON, March 1 (Reuters) – The six-month spread on Brent crude futures hit $15.59 a barrel on Tuesday, marking the contract’s steepest backwardation since at least 2004, when Refinitiv Eikon records began.

Backwardation, when prices for a front-month loading contract are higher than later-loading contracts, typically indicates a tight supply. Benchmark futures for the front month shot up about $9 a barrel on Tuesday.

The supply of oil and oil products from Russia has been disrupted by widespread…



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