Oil futures started the month of April by Uattening the forward curve, with front-month contracts retreating and barrels for delivery in the late summer or fall posting a solid gain. Now that the US will tap its strategic stockpiles and bolster supply, markets are bearish on oil for the next couple months. Some member countries of the International Energy Agency, such as Japan, have since expressed their readiness to withdraw crude from reserves as well. At the same time, any reserves tapped now will eventually need replenishing, so traders are bidding up oil contracts for later in the year.
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