A commodity round-up
Following a turbulent year 2020, conditioned by the outbreak of the coronavirus pandemic triggering a widespread global shutdown of economic activity, negatively impacting demand and disrupting supply chains, 2021, at least to date, proved benevolent. Energy, industrial metals, and even precious metals — those mainly reliant on industrial applications, continued to rebound, maintaining the upward trajectory witnessed at the end of last year. Oil Crude oil – strongly depressed in the first half of 2020, consequent to a fall in demand due to the health crisis and breaking up of the OPEC+ agreement, registered substantial gains in the second half of the year. The re-opening of economies following a decline in coronavirus cases and steady developments on a coronavirus vaccine boosted hopes for a sustained recovery in economic activity and energy demand. The single most important commodity in the world begun 2021, nearly how it ended – on a positive trajectory. Crude oil – a liquid fuel source extracted through drilling and used for transportation, heating and electricity generation, varied petroleum products, and plastics – surged over 40 per cent on a year-to-date basis. OPEC+...