Oil gained the most in about a week with expectations for tighter global supply offsetting concerns that a bumpy Covid-19 vaccine rollout will further blunt demand. Futures closed nearly 1% higher after fluctuating between gains and losses in Monday’s session. Key timespreads for both U.S. and global benchmark crude futures are in a structure indicating shrinking supplies. Iraq pledged to cut output in January and February to compensate for pumping more than its OPEC+ quota last year, and Libyan guards halted some crude exports after a pay dispute. At the same time, Russian seaborne exports of its flagship Urals grade will fall by about 20% in February. The supply signals from OPEC+ producers “is very important for providing the belief that we’re going to see much higher prices,” said Edward Moya, senior market analyst at Oanda Corp. Despite expectations […]