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Data: EIA; Chart: Axios Visuals

U.S. demand for gasoline rose again last week, per Energy Information Administration data that provides the latest sign of fuel consumption recovering a bit.

Why it matters: EIA's weekly data is preliminary and can be noisy, but it was the latest of several weeks of increases, and it's consistent with other signs of driving starting to pick back up.

  • The chart above shows product supplied, which is a proxy for consumption.

The big picture: Crude oil prices have also climbed out of their April depths as producers cut back supply and demand starts recovering somewhat from the unprecedented pandemic-fueled collapse.

But, but, but: Oil prices remain far below profitable levels for huge swaths of the industry amid the gigantic supply glut that's straining global storage infrastructure.

  • "The overwhelming glut is threatening one of the world’s vital industries and could prolong the economic fallout from the coronavirus," The Wall Street Journal notes in an in-depth look at the crisis this morning.

Go deeper

Dion Rabouin, author of Markets
Aug 12, 2020 - Economy & Business

U.S. producer prices rose last month by the most since October 2018

Data: U.S Bureau of Labor Statistics; Chart: Axios Visuals

U.S. producer prices rose by the most since October 2018 last month, following a 0.2% decline in June.

Details: U.S. PPI for final demand, a measurement of prices paid by businesses, increased 0.6% last month, driven by a surge in portfolio management fees and the rising cost of gasoline.

Harry and Meghan accuse British royal family of racism

Photo: Joe Pugliese/Harpo Productions via Reuters

Prince Harry and Meghan Markle delivered a devastating indictment of the U.K. royal family in their conservation with Oprah Winfrey: Both said unnamed relatives had expressed concern about what the skin tone of their baby would be. And they accused "the firm" of character assassination and "perpetuating falsehoods."

Why it matters: An institution that thrives on myth now faces harsh reality. The explosive two-hour interview gave an unprecedented, unsparing window into the monarchy: Harry said his father and brother "are trapped," and Markle revealed that the the misery of being a working royal drove her to thoughts of suicide.

Updated 3 hours ago - Axios Twin Cities

In photos: Thousands rally for George Floyd ahead of Derek Chauvin's trial

Demonstrators on March 7 outside the Hennepin County Government Center, where the trial of former Minneapolis police officer Derek Chauvin, charged with murdering George Floyd, will begin in Minneapolis, Minnesota. Photo: Chandan Khanna/AFP via Getty Images

Thousands of protesters marched through Minneapolis' streets Sunday, urging justice for George Floyd on the eve of the start of former police officer Derek Chauvin's trial over the 46-year-old's death, per AFP.

The big picture: Chauvin faces charges for second-degree murder and manslaughter over Floyd's death last May, which ignited massive nationwide and global protests against racism and for police reform. His trial is due to start Monday, with jury selection procedures.

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