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The surge in US oil prices comes as a hearty economic recovery from COVID-19 crashes against a lack of truck and port workers and Hurricane Ida's damage to oil infrastructure.
The current energy market picture is looking good for oil bulls. International benchmark Brent crude passed the long-anticipated threshold of $80 per barrel on Tuesday, though it’s since slipped back down to trade at $78.47 as of Wednesday at 10:30 a.m. in London. West Texas Intermediate was trading at $74.73 per barrel around the same ...
Are the supply and demand fundamentals that have governed oil markets for decades coming unstuck?
© PUNIT PARANJPE/AFP via Getty Images A slowing Indian economy is a new headwind for oil prices. The country is the world’s third-biggest oil market, importing more than $100bn of the fuel in 2019. Before Covid-19, world oil consumption was around 100 million barrels per day (mbpd). That figure tumbled by 8.7mbpd last year, according to data from the International Energy Agency (IEA). The IEA thinks global demand will recover by 5.7mbpd this year, says Robert Perkins of S&P Global. The agency has raised its forecasts because of strong rebounds in China and the US. Oil prices have enjoyed...