- December 31, 2021
- Posted by: Stratford Team
- Category: Economy
Despite a November lull imposed by the Omicron variant of the coronavirus, crude prices in the United States and globally were positioned Thursday to finish 2021 up more than 50% on the year, led upward by mounting demand for travel fuels and heating oil that outshined modestly increased production levels.
West Texas Intermediate (WTI) oil in the United States traded around $77/bbl on Thursday, far higher than the $48 level at which it started 2021. Brent crude, the international benchmark, hovered near $80 in Thursday trading, well above the sub-$52 price it fetched at the beginning of the year.
The prices mark a stark reversal from the doldrums of 2020, when the coronavirus paralyzed demand and, in the early days of the pandemic, briefly sent oil prices into negative territory.
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