Oil Extends Surge as WTI Jumps Above $75 on Global Energy Crunch

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(Bloomberg) -- Oil rallied at the start of the week’s trading on signs that the crude market is tightening because of a global energy crunch.Most Read from BloombergWest Texas Intermediate topped $75 a barrel after a run of five weekly gains, while Brent hit the highest level since October 2018. Inventories have been drawing, with U.S. stockpiles near a three-year low. At the same time, a rally in natural gas looks set to drive demand for oil as users switch fuels.Oil has risen more than 80% over the past year as worldwide demand recovers from the disruption caused by the pandemic. On the supply side, the Organization of Petroleum Exporting Countries and its allies including Russia have been easing output curbs only slowly, permitting markets to tighten. In addition, extreme weather in the U.S. has crimped local production.Crude “continues to be supported by broader concerns over tightness in energy markets,” said Warren Patterson, head of commodities strategy at ING Gro
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