West Texas Intermediate rallied more than 1% to hit the highest since 2014, building on eight weekly gains. In signs of market tightness, physical barrels priced off a key global benchmark hit unprecedented levels. The spread between between Brent’s two nearest futures contracts neared $2 a barrel. Oil traders are tracking talks under way in Vienna to try to broker a revived nuclear deal that could allow more Iranian crude onto global markets. An invasion of Ukraine, coupled with retaliatory U.S.-led sanctions, risks upending global energy flows, says Howie Lee, an economist at Oversea Chinese Banking Corp. The gains in crude have fanned global inflationary pressures as leading economies extend their recovery from the coronavirus pandemic. . . .
Read more at finance.yahoo.com