Recovering economies and increased fuel demand have helped the enormous oil glut from this time last year to shrink to levels that could be further reduced with global oil demand expected to jump later this year. Commercial oil stocks in developed economies, where inventories are transparently reported, have plunged since the record-high surplus built during the second quarter of last year when demand crashed with nearly the whole world on lockdown shortly after the start of the pandemic. Oil in floating storage has also shrunk as demand rises and oil futures prices discourage storing crude in tankers at sea. Rising demand in major economies, most of all the two largest – the United States and China – is shrinking the surplus. The glut could be worked down to ‘normal’ levels as soon as this or next quarter when global oil demand is expected to pick up strength with increased […]