Shrinking crude supplies have driven Brent to the highest close in three years. Brent crude futures settled at the highest level in almost three years as supplies shrink at a time when a global energy crunch makes it increasingly likely oil will be tapped for power generation. The global benchmark crude rose 1.4% on Thursday to close at the highest level since October 2018, while U.S. crude futures advanced 1.5%. U.S. equities rallied and the dollar weakened, boosting the appeal of commodities priced in the currency. Oil inventories are rapidly tightening. Supplies in the U.S. are at the lowest since 2018 with output levels weaker after recent U.S. Gulf Coast storms, while stockpiles at a key hub in Europe remain below average levels for the time of year. Some of the world’s largest oil traders and banks are predicting crude prices to surge even higher this year. Vitol Group […]