Oil climbed after two major agencies indicated that markets may be tighter than previously forecast and a U.S. government report showed crude inventories plummeted. West Texas Intermediate rose 1.7% on Wednesday to the highest closing price since November. U.S. stockpiles fell to the lowest since October 2018, according to government data. Earlier, the International Energy Agency’s Fatih Birol said demand is stronger than expected in the wake of omicron while disruptions in major producing countries are pinching supplies. Oil also got a boost as the dollar weakened to November lows, increasing the appeal of commodities priced into the currency. “Crude is trading with rose-colored glasses,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth Management, with investors focused on the more bullish aspects of the EIA report, such as the Cushing draw versus the slightly softer implied demand. “The fundamentals and technicals support this for now.” Earlier this […]