March 26, 2021
ROLLAR COASTER – After a steady climb from $50 a barrel at the start of the Western year to $65 late in February, the price of an OPEC barrel has vacillated erratically between $62 and $68 the past four weeks as the markets can’t decide what’s going to happen. There have been reports of the high stocks of recent months contracting, of major oil firms declining to pump up supplies, of the public still not driving much (US purchases of gasoline are down 9 percent from pre-Covid days) and of anticipated mass travel once people get vaccinated.
