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Fueled by Global Economic Recovery and Production Curbs
Although oil prices dipped 1% in yesterday’s trading, they still marked their most significant yearly surge in a dozen years. This remarkable increase stems from the worldwide economic rebound following the “Covid-19” downturn and production limitations imposed by key players, despite a record global rise in infections.
As 2021 concluded, Brent crude futures closed the year with a 53% jump, while US crude futures saw a 57% increase—their strongest performance since 2009’s
Oil Prices Soar to 12-Year High Despite Daily Dip
Yesterday’s 1% dip in oil prices couldn’t overshadow the remarkable story of 2021: the strongest yearly surge in crude oil prices in over a decade. Brent and US crude futures experienced gains of 53% and 57% respectively, marking their best performance since 2009. This significant jump is a direct result of two powerful forces: a robust global economic recovery following the COVID-19 pandemic and deliberate production constraints implemented by major oil-producing nations. The irony? This price surge occurred against the backdrop of record-breaking global COVID-19 infection rates. The market’s bullish sentiment clearly outweighs current pandemic concerns, focusing instead on the strength of the global economic rebound and the strategic tightening of oil supply.
