Oil climbs above $83 with US supplies tightening

NEW YORK. Oil rose as supplies at the biggest US storage hub tumbled amid an energy crisis that’s sent foreign buyers hunting for cheaper barrels. Crude futures in New York advanced above $83 a barrel, erasing an earlier decline as the dollar cooled.

While headline prices have been volatile over the past two sessions, the market’s structure has surged as Cushing stockpiles sink toward critically low levels.

One key physical market gauge, the so-called cash roll, has climbed to its strongest level since 2018 — one of a number of signs this week that traders are pricing in increasingly tight supplies at the vital US hub.