Brent for May settlement rose 0.4% to $85.65 a barrel at 2:03 p.m. in Singapore.
Oil ticked higher following the biggest weekly advance in a month as macro-economic data from China came in ahead of expectations, and Ukrainian attacks on Russian refineries heightened geopolitical risks.
Crude has broken out of a tight trading range that dominated the opening months of the year, with prices recently hitting the highest level since November. The advance has been underpinned by OPEC+ cutbacks to production, and predictions for a global deficit this year. Reflecting the shift in tone, banks including Morgan Stanley have been nudging their oil-price forecasts higher.
Oil’s timespreads suggest that conditions are tightening. The gap between Brent’s two nearest December contracts — the one for this year and its counterpart in 2025 — widened to $4.87 a barrel in backwardation, a bullish pattern. That’s up from $2.66 at the start of the year.
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