Oil prices have surged about 10% over the past month as Hurricanes Ida and Nicholas swept through the Southeast and shut down production in the Gulf of Mexico for weeks. The analysts said global oil demand has recovered from the delta variant-spurred spread of Covid-19 more quickly than they anticipated this year, creating a “larger than expected” gap between oil supply and demand. What To Watch ForIn its weekend note, Goldman cited potential new Covid-19 variants as a risk to oil demand that could curb rising prices. In July, oil producers—still wary about the lingering pandemic—agreed to return to pre-Covid oil production levels by September 2022. Further ReadingOil Prices Poised To Hit $80 A Barrel (Forbes)Here's Why A Standoff Between Oil Producers Is Fueling Surging Gas Prices (Forbes)

Source: Forbes September 27, 2021 14:48 UTC