Are oil traders upping their bets on a stronger crude market?

Oil traders are upping their bets on a stronger crude market. The structure of the global Brent crude benchmark -- price spreads from one month to the next -- is the most bullish in eight years, as supply grows increasingly tight.

What's going on with Brent crude?

The structure of the global Brent crude benchmark -- price spreads from one month to the next -- is the most bullish in eight years, as supply grows increasingly tight. At the same time, money managers lifted their wagers on comparable U.S. contracts by the most since late-2017 in the week to Jan. 25.

Is a tighter crude market a sign of a gloom?

The gloom has eclipsed signs of a tighter crude market, including US stockpiles that declined to the lowest level since January. Aggregate open interest for West Texas Intermediate fell to the lowest level since January on Thursday.