Oil prices surge due to a rise in demand as global economies emerge from lockdown
Pipelines run to Enbridge Inc.'s crude oil storage tanks at their tank farm in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford
"There's the added dimension relating to the potential for fuel switching given global natural gas prices are so high, so it's been a combination of factors here that are just continuing to propel ," Smith said. In India, some states are experiencing electricity blackouts because of coal shortages, while the Chinese government ordered miners to ramp up coal production as power prices surge."In broad terms, we have very strong demand for energy around Asia, Europe ahead of the upcoming heavy usage cycle. Oil prices likely to continue to advance here in the near term," said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois.
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