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Oil Price Hits Two-Year High on Renewable Energy Bets

June 14, 2021 by Forex Winner Leave a Comment

Oil Price Hits Two-Year High on Renewable Energy Bets

Source: WSJ

U.S. crude climbed to $71.48 a barrel on Monday as oil projects falter and money managers plan to instead pour trillions of dollars into renewable energy programs.

  • Monday’s price is the highest in over two and a half years and is double the level recorded in October.
  • Analysts believe production will have a difficulty in catching up to demand which will continue to increase until 2026.
  • Oil extraction expenditures were slashed by more than half to $330 billion in 2020 versus 2014. A modest rise is expected in the coming years.
  • Analysts expect a price surge as travel recovers from the lockdowns. A steady increase until 2022 could result in a supply shortfall.
  • The transition to clean energy is in preliminary stages, making investors bullish on the industry.
  • Major producers are working to limit environmental damages and boost the mix of renewable energy in their portfolios.

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