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Oil climbed to the highest level in over a year. (Bloomberg) Oil climbed to the highest level in over a year as tightening global supplies and signs of strength in physical markets aided crude’s virus-recovery rally. Futures rose 2.3% in New York, earlier rising above $55 a barrel for the first time in a year. Crude has been climbing steadily since late last year as coronavirus vaccines and producers’ supply curbs boost expectations of a tighter market. OPEC and its allies expect to drain an oil surplus by the middle of the year. Meanwhile, there continues to be signs of strength in the market for physical barrels of oil, with Royal Dutch Shell Plc bidding for more cargoes of benchmark-grade North Sea crude on an S&G Global Platts pricing window. The bids come a day after the oil major staged the heaviest buying by a single company since at least 2008.

New yorkUnited statesSaudi arabiaNorth seaOceans generalSaudi arabianJeff currieGary cunninghamExxon mobil corpBp plcSaudi arabian energyTradition energyGoldman sachs group incRoyal dutch shell plcBloomberg oilBloomberg television