Oil Price Is Surging To a New Level
Since the outbreak of the COVID-19, the financial market has taken a lot of unprecedented hits. One of the worst ones was the hit of the U.S. oil trading, which collapsed. Companies like West Texas crude fell to minus $37.63 a barrel. Fortunately, oil has risen steadily since late last year as COVID-19 vaccines began to be produced. Something that has also helped is the supply curbs from OPEC and its allies' which spur hopes that global stockpiles will continue to accelerate. These things are great news for the economy as it has pushed oil prices back to a stable spot. West Texas Intermediate futures increased 2.4%, while the global Brent benchmark came back within sight of $60 . Oil rose toward $55 a barrel in New York, reaching its highest level in a year as the virus-recovery rally advanced. The physical market has also shown strength these past weeks. Royal Dutch Shell Plc plundered the North Sea market, buying the most benchmark-grade loads in a day in 10 years in the S...