Outlook For Oil Remains Grim Despite 90% Rally

WTI rose almost 90 percent last month, which is the strongest monthly increase in the U.S. benchmark price ever recorded. Naturally, the news has been cause for joy among those rooting for higher oil prices. But should it? It is true that demand for oil is improving, slowly, but improving after lockdowns started being lifted in Asia, Europe, and North America. China's oil demand, notably, has recovered to 90 percent of pre-crisis levels, and U.S. demand is also on the rise, judging by rising refinery runs as reported by the…