Brent futures gained 2.5% to close at $81.26 on Monday, notching its highest settle for three years. WTI rose 2.3% to end the previous session at $77.62, reaching its highest settle in almost seven years."The market is full of confidence," Tamas Varga, senior analyst at PVM Oil Associates, said in a research note on Tuesday. "The question is whether this optimism is justified or not.
The recovery in global oil demand from the coronavirus pandemic has been quicker than many expected, while global supply has been disrupted by hurricane outages and low investment. India, another big oil consumer, has also pushed for OPEC to consider more supply to ensure prices suit both producers and consumers.
😂 Biden and the Democrats deserve this! I just hope the American people remember this in next year and 2024
This is all BS
So basically they could make more and sell it at a reduced price if they weren't so fucking greedy. Got it
I remember the good ol' days way back 8 months ago when the US was energy independent and we weren't beholden to countries that hate us but I guess that wasn't as important as mean tweets.
Of course they aren't going to ramp up production, too much money being made otherwise.
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