Oil jumped to $85 a barrel for the first time since late 2018 as a global energy crunch tightens the crude market. Brent futures in London rose as high as $85.10 a barrel, a gain of 1.3%. A shortage of gas and coal is triggering extra demand for oil products from the power market, especially in Asia, the International Energy Agency said. The energy squeeze has also led to an unusually large draw of crude stockpiles for the time of year at the U.S. storage hub of Cushing , government data show. The global benchmark is set for its sixth straight week of gains as the energy crunch coincides with rebounding demand as major economies open up after the pandemic. Supply also remains curtailed, with Saudi Arabia’s energy minister reiterating the need for OPEC and its allies to take a gradual, phased approach to restoring output. China has issued […]