Oil scored a 16% quarterly gain in the latest sign that export curbs by OPEC and its allies are reining in global supplies. West Texas Intermediate futures closed above $83 a barrel on Friday, the highest settlement in more than a week. Timespreads this year have swung from bearish contango to a bullish backwardated structure — signaling a tightening physical market. The OPEC+ alliance extended daily supply cutbacks of about 2 million barrels through the end of June, underpinning expectations that global stockpiles will shrink. Prices have also been aided by Ukraine’s drone strikes on Russian energy infrastructure, ... (full story)