Following an OPEC-inspired dip to start the month, oil has now completely erased the decline and is threatening the May highs. WTI crude oil settled up $1.88 to $80.33 per barrel. That's the highest settlement since late April and just shy of the May intraday high of $80.62.Last week there was a surprise build in US oil inventories but there is early talk that could reverse in a big way.The curve is also sending some bullish signals with a stronger backwardation developing and front-month contracts trading 60-cents above the second month and that continuing out for a year. That highlights demand for near-term oil and undersupply in the market.Other signs are less positive as broad cyclicals
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