MAYBE THE MARKETS are lying. Crude oil keeps trading at $70 a barrel or more, where it’s been pretty much since mid-April. U.S. gasoline costs on average about $3 a gallon, enough to make you think about walking. Still, there’s a world surplus of crude oil.
Analysts say production of the low-sulfur crude that refiners prefer exceeds global demand by about 1 million barrels a day, equal to about 1.2 percent of consumption.
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