Jessica Summers and Andrew Marquardt

Business, Fuel

Oil’s Recovery Capped by Stubborn US Crude Glut, Dour Demand

A staircase ascends an oil storage tank in Port Fourchon, La. A staircase ascends an oil storage tank in Port Fourchon, La. (Luke Sharrett/Bloomberg News)

Oil’s recent rally has hit a ceiling, with U.S. crude inventories holding near a record high and gasoline demand still at the weakest seasonal level in more than 20 years.

July 8, 2020