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

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. The spot price of Brent crude oil, a global benchmark, started the year at $50 per barrel (b) and increased to a high of $86/b in late October before declining in the final weeks of the year.
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We are also taking measures to ensure business continuity remains unimpacted during this time.