Oil held above $80 a barrel on expectations that a power crisis from Asia to Europe will lift demand and tighten global balances. West Texas Intermediate futures were little changed after closing up 1.5% on Monday. Oil markets are tightening rapidly in the run-up to the Northern Hemisphere winter as shortages of natural gas and coal boost demand for alternative power generation fuels such as diesel and fuel oil. The OPEC+ alliance’s caution in restoring supply is adding to the upward price pressure. Wayne Gordon The switching is changing the U.S. crude benchmark’s market structure, pushing it deeper into backwardation, a bullish pattern that indicates a dearth of supply. It’s also prompting an upgrade of price forecasts, with Citigroup Inc. raising its fourth-quarter Brent forecast to $85 a barrel and saying it could spike to $90 at times on factors including gas-to-oil substitution this winter. OPEC+ will likely struggle […]