Oil price nudges toward $60 a barrel with global supplies tightening

Oil rose toward $60 a barrel in London as global supplies tighten while the demand outlook improves with the roll-out of coronavirus vaccines.

Brent climbed for a sixth day, pushing to its highest intraday level since February 2020, before coming off session highs as broader markets pare gains. Crude stockpiles tied to oil futures in China fell to the lowest since June 2020, according to data analytics company OilX, the latest sign of ebbing inventories in the world’s largest importer.

The recent rally is being backed by a surge of interest in commodities. The Organization of Petroleum Exporting Countries and its allies have pledged to keep draining a virus-driven

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