Oil surged as traders and investment banks see global supplies rapidly tightening in response to a vaccination-led recovery this summer. Futures in London jumped 3.7% on Monday, its largest daily gain since early January, as a range of bullish calls and upward revisions to price forecasts boosted optimism over oil demand. Goldman Sachs Group Inc. sees Brent reaching $75 a barrel as consumption continues to recover faster than supply from OPEC+ and shale. Meanwhile, Morgan Stanley also boosted estimates as it sees oil heading for what may be the tightest quarter since at least 2000. “The market is looking at a more constructive view from a demand perspective and a tighter view from a supply perspective,” said Rob Haworth, senior investment strategist at U.S. Bank Wealth Management. “With economies reopening and vaccinations accelerating, the market […]