Crude oil's price finally recovered fully the losses incurred in the wake of the coronavirus crisis by reaching its pre-crash levels. This happened after the commodity managed to break the psychological 50.00 dollars per barrel threshold. Now there is a new challenge for the rallying energy market.
Part of the reason for the plunge of crude's price in the first part of 2020 was the massively oversupplied market coupled with the abrupt drop in demand for oil as economies started to close down. It was this disparity that drove crude's price to below 0 dollars per barrel. The market has evidently begun to recover since then, mostly owing to the timely interventions by OPEC and also because of the partially reinvigorated global economic activity.
The U.S. economy managed to grow by 4.0 per cent in the fourth quarter, despite deepening epidemic circumstances. Yet, global recovery has been persistently uneven. Inflation has remained subdued in Europe, while prices in the U.S. continue to recuperate. Employment conditions remain tight as industrial activity continues to suffer under the strain of the coronavirus fallout.
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