Crude oil prices fell on Tuesday due to rising inflation and demand concerns. However, the oil market faces significant uncertainty around the Fed, OPEC's production cuts, and weakening China indicators.
An increase in vaccinations might be fueling the economy, and its rising activity requires more Crude Oil, prompting a rise in demand. Oil’s price topped $80 on Monday for the first time since 2014. Will this rally endure, or will rising Oil production weigh on the price?
Oil prices rose on Monday as major supplier Colonial Pipeline dealt with the aftermath of Friday’s cyberattack. The attack shut down service to the U.S.’s largest oil pipeline and the company advised that operations might not be restored until next week.
Oil prices sparked above $60 a barrel on Monday, for the first time since the early days of 2020 as regions across the U.S. have recently been hit by freezing weather.
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