Oil closed at an eight-month high amid a weakening dollar and optimism surrounding a surprise decline in U.S. crude supplies and recent breakthroughs on a Covid-19 vaccine. Futures in New York advanced 1.8% on Wednesday after rallying the three previous sessions. An Energy Information Administration report showed U.S. crude stockpiles fell 754,000 barrels last week. At the same time, positive developments on a vaccine have spurred a swift reshaping of oil’s futures curve, with several key markers moving into a bullish backwardation structure in recent days. In addition, Chinese and Indian refiners issued a flurry of tenders seeking crude oil for loading in January, highlighting the strong demand coming from parts of Asia. Meanwhile, the Bloomberg Dollar Spot Index fell as much as 0.2%, boosting the appeal for commodities priced in the currency. “It has been a really good run. We […]