Oil retreated after hitting $75 a barrel in London for the first time in over two years, as traders waited to see how OPEC+ will handle a rapidly tightening market. Brent crude edged above $75 in Asian trading hours as price indicators and inventory data showed that demand continues to outstrip supply. The gains faltered as Russia — which jointly leads the OPEC+ coalition with Saudi Arabia — was said to consider proposing that the group increase production when it meets next week. The market continues to firm in a bullish structure, with one timespread for West Texas Intermediate expanding to the widest backwardation in seven years. Genscape Inc. reported stockpiles at the key American storage hub of Cushing fell again last week from the lowest level since March 2020, according to people familiar. Brent is also the most expensive against Middle Eastern oil in 21 months. That’s likely […]