U.S. Increases Heavy Crude Imports

The United States has stepped up heavy crude oil imports, with the May volumes hitting the highest in two years, according to customs data cited by Reuters. The ramp-up in imports comes amid rising demand for fuels during driving season and calls by President Biden on refiners to crank up their output of gasoline and diesel as prices at the pump continue relentlessly up. "We have healthy demand, low products inventories, and strained refining capacity," Corey Stewart, senior energy analyst at Refinitiv, told Reuters. "Refiners are looking to bring…