Oil closed above a key technical level buoyed by U.S. energy data that suggest a much-awaited recovery in demand is underway as the summer driving season nears an end. Futures in New York rose 2.5% to the highest level in five months, settling above its 200-day moving average for the first time since January. Domestic crude supplies declined over 4 million barrels last week and refineries ratcheted up rates above 80% for the first time since March when the coronavirus pandemic led to widespread lockdowns, according to an Energy Information Administration report. Gasoline and distillate inventories also decreased. “There were pretty high expectations overnight built into the oil market in regard to these draws, and this report pretty much confirmed those,” said Rob Thummel, a portfolio […]