(Bloomberg) — Crude rallied to $80 a barrel in London for the first time since late 2014 amid signals that stockpiles of excess oil will continue shrinking around the world.Futures contracts in London and New York both climbed more than 1% on Thursday. Inventories in the world’s biggest economy withered last week amid unprecedented exports of US oil. As for Opec, leading members have assured traders they have plenty of crude to make up for any losses from sanctioned Iran, though the oil cartel showed no signs of ramping up output.The worldwide glut has been eradicated and "Opec still hasn’t said anything about ending the deal early, which is only good for markets", said Ashley Petersen, lead oil analyst at Stratas Advisors in New York. As for the US, "we’ve been having plenty of exports to kind of alleviate any sort of glut here. There seems to be just enough crude and it’s all finding a home to go to."Crude this month has been touching levels last seen more than three years ago as ...
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