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   Why did crude oil prices increase in 2021?

   • Crude oil prices increased in 2021 as increasing COVID-19 vaccination rates, loosening pandemic-related restrictions, and a growing economy resulted in global petroleum demand rising faster than petroleum supply.

   Crude oil prices increased in 2021 as global crude oil demand outpaced

   www.eia.gov/todayinenergy/detail.php?id=50738

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   Will global oil demand rise in 2021?

   • Global oil demand is now set to rise by 5.4 mb/d in 2021 and by 3.3 mb/d in 2022, when it returns to pre-pandemic levels at 99.5 mb/d. Global oil production is poised to outpace demand from December, led by growth in the US and OPEC+ countries.

   Oil Market Report - December 2021 – Analysis - IEA

   www.iea.org/reports/oil-market-report-december-2021

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   What is the average price of crude oil in 2021?

   • Brent’s 2021 annual average of $71/b is the highest in the past three years. The price of West Texas Intermediate (WTI) crude oil traced a similar pattern to Brent and averaged $3/b less than Brent in 2021. Global petroleum production increased more slowly than demand, driving higher prices.

   Crude oil prices increased in 2021 as global crude oil demand outpaced

   www.eia.gov/todayinenergy/detail.php?id=50738

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   Why are oil prices so low in 2021?

   • Rising vaccination rates, reopening economies, and the lifting of mass lockdowns resulted in oil demand outpacing supply last year, pushing oil prices from as low as $50 a barrel at the start of 2021 to an annual high of $86 at the end of October, the EIA notes. Brent Crude prices have retreated since late October, to end 2021 at $78 a barrel.

   Average Oil Price In 2021 Was The Highest In Past Three Years

   oilprice.com/Latest-Energy-News/World-News/Average-Oil-Price-In-2021-Was-The-Highest-In-Past-Three-Years.html

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2. www.eia.gov › todayinenergy › detailCrude oil prices increased in 2021 as global crude oil demand ...

   www.eia.gov › todayinenergy › detail

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   Jan 4, 2022 · Crude oil prices increased in 2021 as increasing COVID-19 vaccination rates, loosening pandemic-related restrictions, and a growing economy resulted in global petroleum demand rising faster than petroleum supply.

3. oilprice.com › Latest-Energy-News › World-NewsAverage Oil Price In 2021 Was The Highest In Past Three Years

   oilprice.com › Latest-Energy-News › World-News

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   Jan 5, 2022 · A faster increase in global oil demand than growth in supply led to oil prices jumping last year, with the average Brent Crude price at $71 per barrel—the highest of the past three...

4. blogs.worldbank.org › en › opendataOil market developments—rising prices amid broader surge in ...

   blogs.worldbank.org › en › opendata

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   Nov 2, 2021 · Oil prices continue to recover. Crude oil prices increased sharply in 2021Q3 and continued rising in October, driven by increased demand, weather-related supply disruptions, and restrained production by OPEC and its partners (OPEC+).

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6. www.reuters.com › markets › commoditiesOil prices post biggest weekly gain since August | Reuters

   www.reuters.com › markets › commodities

   Dec 10, 2021 · NEW YORK, Dec 10 (Reuters) - Oil prices rose slightly on Friday and posted their biggest weekly gain since late August, with market sentiment buoyed by easing concerns over the Omicron...

7. www.iea.org › reports › oil-market-report-december-2021Oil Market Report - December 2021 – Analysis - IEA

   www.iea.org › reports › oil-market-report-december-2021

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   Dec 14, 2021 · Global oil demand is now set to rise by 5.4 mb/d in 2021 and by 3.3 mb/d in 2022, when it returns to pre-pandemic levels at 99.5 mb/d. Global oil production is poised to outpace demand from December, led by growth in the US and OPEC+ countries.

8. www.iea.org › reports › oil-market-report-august-2021Oil Market Report - August 2021 – Analysis - IEA

   www.iea.org › reports › oil-market-report-august-2021

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   Aug 12, 2021 · Crude oil held in short term floating storage increased by 4.5 mb to 103.6 mb in July. The 2Q21 crude price rally lost steam in July on fears that new Covid-19 Delta cases and weaker economic indicators could slow the oil demand recovery just as more supply hit the market.

9. www.reuters.com › business › energyOil prices reach multi-year highs on tight supply | Reuters

   www.reuters.com › business › energy

   Oct 25, 2021 · NEW YORK, Oct 25 (Reuters) - Oil prices reached multi-year highs on Monday before steadying, as tight global supply and strengthening fuel demand in the United States and beyond supported prices....