Crude oil prices continued their rally to test multi-year highs Thursday amid signs of higher demand, despite concerns about future economic growth. Crude oil prices rallied more than 3 percent in Wednesday trading after the U.S. Energy Information Administration reported domestic crude oil inventories dropped by 1.1 million barrels and gasoline supplies fell by nearly 3 million barrels, indicating the market is getting increasingly tight. The drain on U.S. supplies came despite a steady increase in output from a country that’s on pace to become the largest crude oil producer in the world. “Stronger refinery runs and lower net imports are offsetting higher production year-on-year, helping to draw down inventories,” Matthew Smith, the director of commodity research at ClipperData, told UPI. The EIA […]