Oil traders are betting that longer-term crude prices could be set to spike because of a lack of investment in future supply.

Since hitting their high for the year last month, the most-active oil futures have fallen almost 5%. By comparison, those for late 2022 and 2023 have barely moved, sticking above $70 a barrel.

With nearby contracts rattled by U.S.-led efforts to boost supply — and the potential for an OPEC+ backlash — those further out are being boosted by dwindling investment in production, and a dearth of producers selling deferred futures to lock in their future sales.

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