You wouldn’t believe the oil price had been quietly falling since early July when you went to fill up your tank this summer. Gasoline demand is nearly back to pre-pandemic levels from 2019. As a result, pressure on refiners has been so marked that prices have risen sharply enough to make the Biden administration urge Russia and Saudi Arabia to pump more oil to ease a perceived tightness.
But the reality is the tightness is in refined products — not crude oil. OPEC+ is unlikely to ramp up output to appease the U.S. — or anyone…Oil Prices Unlikely To Collapse Any Time Soon
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