Singapore/New York/London — Global oil and fuel prices are picking up as demand returns to pre-pandemic levels amid easing coronavirus lockdowns in key countries like China and India and signs of increasing road travel in several countries.
Gasoline prices in Asia, Europe and the United States all scaled 1-year highs this week, while benchmark global crude oil Brent futures topped $60 per barrel for the first time in a year.
The firmer prices are welcome news after the oil sector suffered its worst ever demand contraction in 2020, encouraging traders to drain brimming storage tanks to ease a supply glut.
- Reuters