Oil extended its run of gains on Wednesday, climbing towards $75 a barrel to its highest since April 2019, supported by a recovery in demand from the pandemic and a drop in U.S. crude inventories. The American Petroleum Institute reported U.S. crude inventories fell 8.5 million barrels, two market sources said, more than analysts forecast. Official Energy Information Administration figures are out at 1430 GMT. Brent crude was up 29 cents, or 0.4%, at $74.28 a barrel by 0815 GMT, and earlier reached $74.73, the highest since April 2019. U.S. crude gained 32 cents, or 0.4%, to $72.44 and hit $72.83, the highest since October 2018. “Demand growth is outpacing supply and will continue to do so over the coming months,” said Stephen Brennock of oil broker PVM. Brent has risen 44% this year, supported by supply cuts led by the Organization of the […]