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The front-month brent spread jumped to $0.27 on Tuesday, the highest level since February. 

Brent’s forward curve is in full backwardation – a market condition where prices of a futures contract are trading below the expected spot prices at the contract maturity. 

According to Saxo Bank analysts, it indicates the tightest market conditions in a year, a bullish price development. 

Brent is currently trading at $56.15 per barrel, representing a 0.25% gain on the day.