Sluggish physical oil sales struggle to match futures price surge
March 4, 2021
By Noah Browning
LONDON (Reuters) – A four-month rally in the oil futures price from below $40 a barrel to above $60 now is out of step with demand, analysts and traders say, with physical sales only expected to match supply later in 2021.
The price has surged since the start of November, buoyed by expectations of an economic recovery as governments promise more stimulus, producers rein in output and vaccine rollouts offer hope that the worst effects of the COVID-19 pandemic are over.
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