The U.S. oil market has firmed up into its best shape this year, as ebbing fears of an inventory overflow and renewed hedging in far-distance futures flattens the forward curve – another possible sign that a months-long rout is really over. On Wednesday, the discount for June U.S. crude oil futures on the New York Mercantile Exchange versus December jumped 47 cents to settle at $3.21 a barrel, the tightest spread in nearly five months and less than half what it was a month ago. The discount of December 2015 to December 2016 tightened by 58 cents to settle at $2.73 a barrel, its smallest since November. The narrowing spreads will likely be a welcome sign for oil bulls and members of the Organization of Petroleum Exporting Countries (OPEC), who often look at the shape of the curve as a clearer indication of fundamentals. U.S. […]