Oil rallied as energy traders grew more confident about the commodity’s immediate prospects.

Global benchmark Brent flipped from contango to backwardated structure with March contract outperforming April. The switch to oil, which is becoming more expensive in the near term, signals that traders are seeing demand outstripping supply. The spread was in contango for most of January.

The US benchmark West Texas Intermediate fluctuated in a range just above $2, along with a broader…

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