Oil jumped to the highest in six weeks amid signs of a rapidly tightening market after a U.S. government report showed a bigger-than-expected decline in crude stockpiles. Futures in New York surged 3.1% on Wednesday and global benchmark Brent closed above $75 a barrel for the first time since July. U.S. crude supplies hit the lowest since September 2019 after falling by more than 6 million barrels, exceeding projections . The data follow the International Energy Agency’s warning that recent supply lost from storms in the U.S. Gulf have offset what OPEC and its allies have added, and the world will have to wait until October for more barrels. “There’s not a lot of new crude supply coming to the market, so the market feels awfully tight,” said Matt Sallee, who helps manage about $8 billion at Tortoise. “That will keep crude prices moving higher. Covid demand worries are […]