Everybody Loves Oil Again

After the recent profit-taking on higher oil prices prompted by China’s reopening, traders are once again crowding oil and fuel futures and options. The reasons: China, again, and hopes that the global economy can avoid a recession. But there’s also a third reason—low fuel inventories. On February 5th, the European Union will impose an embargo on Russian fuels. Russia is the EU’s biggest fuel supplier, and there are what seem like serious doubts that the EU will be able to replace Russian diesel painlessly. Especially with…