Oil climbs near US$62 with tightening market boosting outlook(Feb 23): Oil rose near US$62 a barrel with investment banks and traders predicting the market’s rally can go further.
Futures in New York gained 0.8% on Tuesday and are up almost 30% so far this year. The market is heading toward what could be the tightest quarter since at least 2000, according to Morgan Stanley, while Socar Trading SA sees global benchmark Brent hitting US$80 a barrel this year as the glut of inventories built up during the Covid-19 pandemic is drained by the summer.