October 6, 2021/Coronation Research

Last week, Brent Oil briefly hit USD80/b rising by 43% when compared with USD55.9/b recorded at end-Jan 2021. This is also the highest level since October ’18. Oil prices have been rising as a result of supply disruptions and recovering demand due to the opening of economies, vaccination rollouts.

Recently, global oil supply has taken a hit from hurricanes Ida and Nicholas passing through the Gulf of Mexico and damaging U.S oil infrastructure. This has contributed to the uptick in oil prices.

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