WTI rose almost 90 percent last month, which is the strongest monthly increase in the U.S. benchmark price ever recorded. Naturally, the news has been cause for joy among those rooting for higher oil prices. But should it? It is true that demand for oil is improving, slowly, but improving after lockdowns started being lifted in Asia, Europe, and North America. China’s oil demand, notably, has recovered to 90 percent of pre-crisis levels, and U.S. demand is also on the rise, judging by rising refinery runs as reported by the Energy Information Administration. Supply is still being limited, too. OPEC+ started cutting its agreed 9.7 million bpd last month, and despite far from perfect compliance, it has reduced the amount of oil going into markets. U.S. producers also cut production significantly in April and May, and so did Canadian oil companies. All this undoubtedly contributed to the major improvement […]