Supply cuts and stimulus hopes lift oil prices to pre-pandemic level
- Date: 08-Feb-2021
- Source: The Economist
- Sector:Oil & Gas
- Country:Middle East
Supply cuts and stimulus hopes lift oil prices to pre-pandemic level
Brent crude oil prices have returned to $60 a barrel for the first time since January last year, before the coronavirus crisis took a toll on demand in the global economy.The cost of crude for April delivery nudged $60.06 a barrel in the early hours of Monday during trading in Asia.
Market analysts cited several reasons for a surge in prices this year - a recovery that bears little resemblance to the state of the COVID-19 crisis that continues to cripple many economies globally.
Prices collapsed amid a meltdown for financial markets more broadly in February last year when it became clear the virus had spread to Europe and was set to result in massive disruption.In the case of Brent crude there was a huge glut in supply versus demand and it fell below $20 last April to a 21-year low.
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