Oil rally suggests supply worries wane, but for how long?

Used oil barrels are seen outside a garage in Cuevas del Becerro, near Malaga, southern Spain February 16, 2015.

USA: A rally in U.S. crude oil prices recently has put the market on its firmest footing since the rout started in 2014, with the spread between prices for near-term delivery and future delivery narrowing, suggesting the worst of the supply glut may be over.

Oil prices in global markets have been lifted in the past week by news of falling U.S. production and output disruptions in Canada and Nigeria.