Bunkers Up, WS100 Will Follow
The past couple of years have been very turbulent in many international markets due to the global pandemic. We have seen very wide swings in prices of different raw materials, including crude oil. Brent futures dived from $66/bbl in December 2019 to $22/bbl in March 2020, while WTI front month futures briefly dipped in late April 2020 into an unprecedented negative territory as desperate traders paid to avoid taking physical delivery of oil. Thereafter, oil prices staged an impressive rebound, despite a sluggish recovery in oil demand. By December last year, Brent climbed above $50/bbl and has continued to firm this year, largely trading within the $70-75/bbl range over the past couple of months, as most of OPEC+ production cuts, implemented in spring last year, remained in place.
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