Oil rallied above $82 a barrel as sharp price hikes from Saudi Arabia offered the latest signal that stockpiles globally are declining sharply and firing prices higher. West Texas Intermediate rose 1.4% and is up almost 5% over the last two trading sessions. Saudi Arabia made some of the biggest increases to its official selling prices in decades late-last week, a move enabled by low global stockpiles and tight supplies, according to Vitol Group. In a further sign of robust demand, Asian buyers will probably take their full contractual volumes of oil next month, despite the higher costs. With crude prices climbing again, there is little sign of the bullish sentiment changing in the market. Money managers still hold more than ten bullish bets for every bearish one in WTI, while nearby timespreads are in a backwardation of more than $1 a barrel, indicating tight supply. Oil is edging […]