Oil prices are back at levels last seen in mid-March, and while fundamentals for crude have improved somewhat, markets have become too optimistic Market euphoria continues to push financial markets and commodities higher, and oil prices have climbed back to levels not seen since lockdown orders in the U.S. began in March. By a variety of metrics, markets have recently made up a lot of lost ground over the past two and a half months. The Dow Jones Industrial Average surged past 25,000 points on Tuesday, and the S&P 500 jumped above 3,000. Both thresholds were last reached in March. WTI rose above $34 per barrel on Tuesday, another two-and-a-half month high. “For Economy, Worst of Coronavirus Shutdowns May Be Over,” a Wall Street Journal headline blared, citing an array of hopeful statistics on hotel spending, restaurant bookings and airline traffic. But the gap between the stock market and […]