Brent crude oil prices rocketed by 85% between the end of October and mid-March but have since retreated. Trading above $62 a barrel as of the middle of this week, crude is 10% off its recent highs.
Brent crude had its worst week since October last week, tumbling by 7%, say Emily Gosden and Tom Howard in The Times. Renewed virus restrictions in Europe are weighing on the short-term demand outlook. The fall shows “how premature” bullish talk of a return to $100 a barrel has been, says Bjornar Tonhaugen of Rystad Energy. Oil prices are still being “artificially” propped up by “Opec’s reduced supply” deal.
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