Oil futures have already recovered to pre-pandemic levels, with Brent crude futures spiking $55 in less than a year to $70 a barrel this week while actual fuel demand remains weak.
Total monthly contracts for U.S. WTI crude held by producers and merchants increased to more than 1 million in February for the first time since May, according to the U.S. Commodity Futures Trading Commission. The recent surge in oil prices encouraged both producers and consumers to wade into the market with their competing bets, the U.S. Energy Information Administration said.
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