Oil prices fully rebound a year after markets were rocked by COVID-19
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Yesterday marked one year since the World Health Organization declared COVID-19 a pandemic, but it was already hammering oil prices thanks to lockdowns in China — the world's largest consumer — and market expectations of more demand loss.
Where it stands: Prices have rebounded to their highest levels in well over a year, thanks to consumption coming back, supply curbs, traders' expectations of continued economic recovery, and more demand bounce back later this year.
Yes, but: "OPEC said on Thursday a recovery in oil demand will be focused on the second half of the year as the impact of the pandemic lingers as a headwind for the group and its allies in supporting the market," per Reuters.
