Oil Is Unlikely To Go Much Higher

Oil prices have climbed nearly uninterrupted since late April, but the gains could be coming to an end.  On Friday, oil prices fell sharply, hitting the pause button on a rally that saw WTI rebound from -$37 per barrel on April 20, to nearly $34 per barrel on May 21, a more than $70-per-barrel swing in just a few weeks. Of course, the plunge deep into negative territory was likely a unique, one-off phenomenon. Nevertheless, the rally back into (positive) $30 territory has been impressive.  Of note, China’s oil demand has climbed…