Oil has RALLIED again. Here is why it WON’T last ...United Arab Emirates

Russia Today - Economy
Oil has RALLIED again. Here is why it WON’T last
source : Russia Today ( United Arab Emirates ) () 56
Oil prices have rallied as traders believe the depths of demand destruction may be coming to an end with economies beginning to reopen. But some analysts are warning that the oil price rally may be premature. WTI prices have doubled from $12 to $24 in a little over a week. There is evidence that demand has bottomed out and has begun to rise from recent lows. US gasoline demand has ticked up for two consecutive weeks, rising from 5.31 million barrels per day (mb/d) in mid-April to 6.66 mb/d on May 1. On the supply side, shut ins plus the OPEC+ deal have taken enormous volumes off of the market. US oil production has declined by 1.1 mb/d

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