U.S. Oil Demand Shines as China’s Dulls

The Energy Information Administration (EIA) reported on Monday that U.S. oil demand increased to its highest seasonally since 2019, with total consumption rising 1.2% from June to July, clocking in 20.48 barrels per day.  July consumption figures have not reached this level in five years.  At the same time, EIA data shows U.S. oil output as slightly slower for July, shedding 25,000 bpd to 13.205 million bpd for the month. For gasoline, demand also reached a five-year seasonal high, with jet fuel demand hitting 1.83 million bpd, representing…