Despite the impact of the initial COVID-19 outbreak and intense lockdowns, US oil prices have bounced back from record low numbers in just over a year.
US oil statistics for 2020 vs 2021. Source: ycharts.com
Oil prices in the United States went negative during the initial lockdown in April 2020, which had never been seen before. However, in this month of June 2021, it is reported that West Texas Intermediate crude achieved levels that haven’t been seen in more than two years. This is due to the reopening economy, and the new level of oil demands. Concequently, prices and sales have risen.
The current boost in price is speculated to be attributed to a sense of narrow supply, and built-up demand. It is predicted that global consumption of crude oil will go back to over 100 million barrels per day by at least the end of 2022.
Additionally, this week OPEC+ is set to meet to discuss, amongst other things, the distribution of global crude oil. If they decide to release more supply into the market, this would put a cap on the further gain in the US and other regions.
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