One year after the first glimmers of the catastrophe awaiting global oil markets -- from deserted Chinese cities to grounded jets -- crude is staging a remarkable turnaround.
The crisis triggered by the deadly coronavirus was the worst the petroleum industry has ever seen. Fuel demand crashed by a fifth, prices slumped below zero, producers fought viciously over customers, and more than a billion surplus barrels poured into storage tanks around the world.
Yet oil’s emergence from the calamity has been stark.
Futures rallied to a one-year high above $60 a barrel in London on Monday as Chinese consumption surpasses pre-virus levels, the vaccine rollout restores confidence, and the OPEC cartel and its allies keep a tight leash on supply.
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