But U.S. well-supplied with product
The price of oil had jumped from $70 per barrel just a couple of months ago to $85 this week, even as crude oil stocks in the U.S. have been on a steady, upward climb, according to data supplied by the Energy Information Administration.
Gasoline supplies, though off the highs, remain well above the average range for this time of year. Although the economy is still weak, data out recently suggests aggregate demand in the U.S has firmed and the recovery be broadening.
In addition, production has trended higher in the U.S.
And imports have perked up recently.
A more in-depth look is available in my article entitled, Crude oil barrels higher but do fundamentals support price?
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