Tight U.S. Oil Inventories Prop Up Oil Prices

U.S. oil demand and inventories have offered support to oil prices in recent months and, volatility excluded, have continued to do so, with stocks below the five-year average for this time of the year.   While oil prices have swung in recent weeks between as high as $85 in late October to below $70 in late November amid fears of Omicron denting demand and a looming oversupply, lower-than-usual American stockpiles have been one constantly bullish theme for oil, especially the U.S. benchmark, WTI Crude.  Coupled with robust U.S. gasoline…