With the return of Chinese demand hanging over oil markets, analysts are becoming increasingly bullish. Gasoline prices have hit their highest level ever and there are no signs of that rally slowing. In an effort to cool the oil price rally, OPEC+ increased its production quota, a move that resulted in renewed fears of falling spare capacity. The U.S. national average for gasoline hit $5 per gallon last week, the highest ever. Brent crude is trading at $120 per barrel and is unlikely to subside much further as China comes back in full force. And according to the UAE’s Energy Minister, we haven’t even reached the peak—or anywhere near it. “I’ve never seen this combination of circumstances in my career over the last 50 years,” Gary Ross, manager at Black Gold Investors, a hedge fund, told Bloomberg last week. “The world has very little spare capacity, the economy is […]