Oil rose from the highest settlement since 2014 as investors assessed the energy crunch roiling global markets. Futures in New York edged toward $83 a barrel after rising 2.5% over the past three sessions. Russia is opting against sending more natural gas to Europe, while OPEC+ is failing to pump enough crude to meet its production target, exacerbating a supply crunch in energy markets. One technical indicator, however, is signaling crude is overbought and due for a correction. Crude has rallied over the past eight weeks as the energy crisis — prompted by natural gas and coal shortages — coincided with a rebound in demand from key economies emerging from the pandemic. The crunch is making winners out of oil refiners in Asia following a rush to secure alternative fuel supplies, lifting industry margins in a revival that’ll stretch into next year. “The overall energy environment remains constructive for […]