Oil posted its biggest weekly gain since the middle of April ahead of the U.S. Memorial Day weekend that kicks off the country’s summer driving season. West Texas Intermediate rose 4.3% this week. A spate of positive U.S. economic data this week continued to highlight the recovery taking shape in the world’s largest oil-consuming country, while Americans are expected to unleash demand built up during the pandemic from this weekend onward. With more drivers taking to the road and with some of the lowest gasoline stockpiles in almost 30 years, some see the U.S. facing a supply squeeze on par with those seen when a hurricane knocks out oil refineries in Texas and Louisiana. “The demand outlook appears very robust, especially in the U.S., and it’s really improving in Europe as well,” said Edward Moya, senior […]