The price of oil has recovered to its pre-pandemic levels having hit an all-time low last year. While demand for oil is still lower than normal, there are hopes of a speedier than expected economic recovery as vaccines are rolled out. “Black gold” has now reached $60 a barrel having risen more than 50% in the last few months.
Brent crude, the major benchmark for oil, has seen strong growth recently. Futures contracts, which are based on the price of future delivery, have jumped 59% since November. West Texas Intermediate (WTI), the benchmark for US oil, last week rose above $55 a barrel for the first time in over a year.
Vandana Hari, founder of Singapore-based oil markets data firm Vanda Insights told the BBC: “The biggest driver for the latest surge in prices seen through last week was a sharp upturn in expectations for economic and oil demand recovery on signs that the coronavirus may finally be in retreat.”
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