Oil Prices Rally Towards $70 As Demand Outlook Improves

Crude oil prices got a major boost this week thanks to optimistic expectations about demand from OPEC+ and rebalancing fuel inventories in the United States. Brent jumped to over $68 per barrel, and West Texas Intermediate neared $65 per barrel by the middle of the week and could rise even further unless headwinds appear. Earlier in the week, OPEC+ forecast that oil demand this year would increase by 5.95 million bpd. This was an upward revision of 70,000 bpd from an earlier projection, and this fact injected optimism in traders, as did OPEC+'s…