Light crude oil futures surged more than 8% this week, driven by aggressive short-covering and geopolitical risk after the U.S. slapped new sanctions on Russia’s top oil exporters. However, despite the sharp rally, underlying supply and macroeconomic concerns continue to cap the upside, keeping traders cautious about the sustainability of the move. The week began with crude trading near multi-month lows as sentiment remained firmly bearish. Concerns about oversupply, a deteriorating demand outlook, and a structurally bearish contango in the…