Crude oil demand is rebounding faster than supply, pushing prices higher, the Energy Information Administration said this week, noting that the price of West Texas Intermediate had reached its highest since 2014. The agency noted the destruction of demand for crude last year, which brought U.S. inventories to levels much higher than the seasonal five-year average.
This changed quickly, however, and now inventories of crude oil are below the five-year average for this time of the year. “This year, demand for petroleum, both in the United States…EIA: Oil Demand Rebounds Faster than Supply
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