(Bloomberg) Oil gained the most in about a week with expectations for tighter global supply offsetting concerns that a bumpy Covid-19 vaccine rollout will further blunt demand.Futures closed nearly 1% higher after fluctuating between gains and losses in Monday’s session. Key timespreads for both U.S. and global benchmark crude futures are in a structure indicating shrinking supplies. Iraq pledged to cut output in January and February to compensate for pumping more than its OPEC+ quota last year, and Libyan guards halted some crude exports after a pay dispute. At the same time, Russian seaborne exports of its flagship Urals grade will fall by about 20% in February.The supply signals from OPEC+ producers “is very important for providing the belief that we’re going to see much higher prices,”said Edward Moya, senior market analyst at Oanda Corp.Despite expectations for crude supply reductions to spur declines in global inventories, the demand outlook remains