U.S. trade in crude oil rallied for a seventh month in May with imports climbing 24% on a year earlier, their fastest rate of growth since at least 2010. Exports increased 57% to a new high, though they are still only 15% of total imports, leaving energy independence a long way off. Shipments from Mexico climbed for the first time since September on a year earlier, helping to cut reliance on OPEC countries. Imports from Venezuela, the third largest supplier, climbed 15% on a year earlier, likely reflecting demands from its U.S. refiner Citgo. These can’t be however cut without severe con...
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