Prices have risen as more vaccinated populations are brought out of coronavirus lockdowns, supporting a revival in economic activity.
- At the same time, from Asia to Europe, the global commodity prices, including those used as fuel for power generation such as coal and gas, have also surged. In India, some states are experiencing electricity blackouts because of coal shortages. China's government, meanwhile, has ordered miners to ramp up coal production as power prices surge.
- This makes oil an attractive commodity for generating power and keep the economic activity steady, and thus the higher demand is pushing crude markets higher.