Why Oil Prices Are A Big Inflation Warning

U.S. light crude futures traded 91 cents higher today at $98.69 a barrel after touching intra-day highs of $98.78 a barrel, and having closed at a 15-week high of $97.78 the previous session.

Both Brent and West Texas Intermediate futures are now in "backwardation," meaning the front-month prices are higher than future months. This futures structure is generally a sign of tight supplies in the here and now.