Oil climbed to the highest in more than a year in New York as OPEC and its allies pledged to continue whittling down global inventories. Futures in New York surged 1.7% to near $56 a barrel on Wednesday. A committee of OPEC+ ministers said the group will keep pushing to quickly clear the oil surplus left by the pandemic-induced demand slump. The alliance’s effort appears to be working despite a still tenuous recovery in demand: Chinese stockpiles are at the lowest in almost a year and a U.S. government report on Wednesday showed crude stockpiles fell nearly 1 million barrels. There’s a sense that “the risk is much more on the upside than the downside at this point,” said Michael Lynch, president […]