Here's why investors can't get enough of crude oil with $70 in sight

To really understand what’s helping push oil prices toward $70 a barrel, just follow the money.

Investors have piled into commodities markets in the last month as the most bullish oil market structure in years is buttressed by OPEC-led production cuts, strong global economic growth and a softer US dollar. With crude trading near a three-year high, here’s a look at how investors have increased their thirst for oil.

For many investors, it’s all about backwardation. As oil supplies have tightened, near-term contracts have become pricier than later-dated ones. That market structure makes it profitable to hold onto