Oil prices are back above $60/bbl, their highest level since January 2020, before the Wuhan lockdown. In normal times rising prices typically suggest robust oil demand and growing trade requirements, but of course these are not ordinary times. The upward trend in oil prices is a mere reflection that OPEC+ production cuts are being successful in balancing the market and bringing crude inventories down, rather than a surge in demand.
The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.
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