Oil rises from the ashes as vaccine sparks trade
Things aren’t back to normal yet, but the positive signals are proliferating. The enormous glut of fuel that accumulated this year on everything from tiny barges to giant supertankers is being steadily depleted. While the coronavirus pandemic is worse than ever in the US, demand in Europe is bouncing back as a second wave of lockdowns eases and Asia continues to pull in huge volumes of crude. But there’s more to this than a realignment of supply and demand – huge financial flows are also driving the price rally. In a world that’s expecting to see travel recover sharply next year, crud...
Source: independent.ie