Oil Demand and Supply Changes: Oil Settles Up 1.5% – Hits Multi-year Highs on Surging Demand
What’s happening with the oil demand and supply? Oil prices jumped on Monday to the highest levels in years, fueled by rebounding global demand that has contributed to power and gas shortages in key economies like China.
Brent crude rose $1.26, or 1.5%, to settle at $83.65 a barrel. The session high was $84.60, its highest since October 2018.
U.S. West Texas Intermediate (WTI) crude gained $1.17, or 1.5%, to settle at $80.52, after touching its highest since late 2014 at $82.18.
The pace of economic recovery from the pandemic has supercharged energy demand at a time when oil output has slowed due to cutbacks from producing nations during the pandemic, focus on dividends by oil companies, and pressure on governments to transition to cleaner energy.
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If you have further questions about oil demand and supply, feel free to contact us at Ranger Land and Minerals.
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