OPEC+ decided to stick to output increase by not more than 400,000 barrels a day, which pushed oil prices to rise, with US oil hitting a record high of $78, since 2014.
On the commodities front, demand on coal and natural gas rose as well, pushing their prices to beat pre-pandemic highs.
So, what is the reason behind both rallies?
Natural gas prices jumped from record lows to record highs in less than 18 months, due to the pandemic impact on the market and its current inability to keep up with the global recovery. It was the cold winter in the north half of the Earth, and the hot summer afterwards, in addition to production shortages, that fueled demand on gas.
This has led to a higher demand on oil, mainly fed by the switch from gas to fuel and other energies for electricity generation.
Will there be a reverse course? Or will prices keep on rising?
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