Oil surged past $81 a barrel after the International Energy Agency said shortages of natural gas in Europe and Asia are boosting demand for crude. WTI crude futures were up 1.1% and trading near their highest level since 2014. Record gas prices are boosting consumption of other fuels and could add about 500,000 barrels a day of oil use over the next six months, the IEA said. Saudi Arabia’s energy minister meanwhile reiterated the need for producers to take a gradual, phased approach to supply hikes. He said the oil market will be balanced by the end of the year, but reiterated that OPEC and its allies will face a challenging 2022. Crude’s rally in recent months has been underscored by wider gains in energy prices. Some analysts, including at Bank of America Corp., see potential for prices to reach $100 a barrel, though RBC Capital Markets cautioned that […]