Oil gained for a fifth day on Wednesday, climbing towards $75 a barrel to its highest since April 2019, supported by a recovery in demand from the pandemic and a drop in U.S. crude inventories.

Global oil prices rose for a fifth straight session on Wednesday as the cost of a barrel of oil marches towards $75 a barrel, a global benchmark not reached since late 2018.

Prices are on the rise as demand bounces back from the lows seen during the health crisis when economies were forced into a standstill.

New data released Wednesday in the U.S., the world’s largest oil consuming nation, showed crude inventories dropped more than expected, according to two market sources, in a sign of solid demand as the summer driving season kicks in.

That trend is being repeated in many of the world’s leading economies, where demand growth is outpacing supply, and analysts predict that will continue to be the case over the coming months.

Some see energy demand returning to pre 2020 levels by the second half of next year.

Adding to the growing supply-demand imbalance, OPEC+ does not appear to be in a rush to widely reopen the spigot after a record cut in production last year. It is still withholding millions of barrels of daily supply from the market.

And then there’s Iran. The prospect of a rise in Iranian oil exports looks less likely as talks to revive the 2015 nuclear deal drag on.

Global crude prices touched a fresh two-year high on Wednesday.

In the U.S. oil prices have nearly doubled from a year ago.

Power and gas prices this week were the highest since the February freeze in Texas boosted prices across the country, as homes and businesses from Texas to Los Angeles cranked up the AC to beat the heat.

Power and natural gas prices in Texas and California spiked this week to their highest levels in months, as homes and businesses cranked up the air conditioning to escape brutal heatwaves.

Power grid operators in both states warned residents to cut their electricity use as much as possible for the rest of this week to avoid blackouts.

Grids in Texas and California have imposed rotating outages over the last year to avoid widespread collapses of their power systems — like the independent grid in Texas, where a winter storm left millions without power in February.

Parts of Texas are expected to see temperatures cross 100 degrees this week.

In California, temperatures reached the 90s in Los Angeles on Tuesday, where National Weather Service issued an Excessive Heat Warning.

And Las Vegas, Nevada, recorded 114 degrees Fahrenheit the same day, with even hotter conditions expected on Wednesday.

British inflation unexpectedly jumped above the Bank of England’s target in May when it hit 2.1%.

British inflation unexpectedly soared to 2.1% in May.

That’s the first time it’s gone above the Bank of England’s 2% target in almost two years.

The acceleration of the consumer price index from April’s 1.5% largely reflected how weak inflation was in May last year, when the economy was reeling from tight restrictions.

The CPI data showed fuel prices in May were almost 18% higher than a year earlier, while clothing and footwear costs rose by 2.1% as people bought new outfits as they finally left their homes.

And it’s expected to rise even further in the coming months.

The Bank of England has said it expects inflation to hit 2.5% by the end of this year before settling back to its 2% target, as the impact of post-lockdown energy price rises fades along with other cost pressures like bottlenecks in supply chains.

Investors around the world are assessing the risks of a sustained jump in prices, especially in the U.S., where annual inflation hit 5.0% in May, the highest in almost 13 years.

US President Joe Biden and his Russian counterpart Vladimir Putin shake hands in Geneva after standing with their host, Swiss President Guy Parmelin, at the start of their first summit.

Russian President Vladimir Putin lands in Geneva for summit with Biden

Russian President Vladimir Putin’s plane lands in Geneva where he is meeting US President Joe Biden at a tense summit, where ghosts of the Cold War will hover over modern-day US concerns about Russian cyber attacks and what the White House sees as a dangerous authoritarian drift.

The two men greeted each other after standing with their host, Swiss President Guy Parmelin, outside the La Grange villa overlooking Lake Geneva, where they are set to meet for up to five hours — with cyber-attacks, election meddling and rights abuses among the many contentious issues on the agenda.

Sitting in the plush villa’s renowned library, on either side of a globe and with their respective flags behind them, the two leaders exchanged a few cordial remarks before the accompanying journalists were asked to leave.

Putin thanked Biden “for your initiative to meet today.”

“The US and Russian relations have a lot of issues accumulated that require the highest-level meeting,” he said, adding: “I hope that our meeting will be productive.”

Biden, who not only took the initiative for the summit itself but also for that first handshake, smiled and said: “It is always better to meet face to face”.

Before the discussions began, Parmelin told the pair that it was “an honour and a pleasure for Switzerland to host you here for this summit, and in accordance with its tradition of good offices, promote dialogue and mutual understanding.”