While 2020 proved to be cataclysmic for crude oil, the world’s largest commodity has shown significant revival since the black month of April last year. The Brent crude oil futures surged to US$63.79 a barrel on 1 April 2021 at 6:22 PM AEDT.
On Thursday, the crude oil prices strengthened on anticipations of the extension of crude oil supply cuts. The recent increase in the COVID-19 cases, the slower vaccine roll-outs, and the extension of pandemic-related lockdowns in Europe, continue to put a pressure on crude oil prices.
During the last month’s OPEC+ meeting, the crude oil market was surprised on the extension of the supply cuts to the month of April with some exceptions. Russia and Kazakhstan were allowed to ramp up their respective crude oil supplies marginally to support the rising demand at the moment.