Energy Market Shows Signs Of Heating Up After A Turbulent Year

Oil prices are up 40% from early November lows.

By Alexandra HartDecember 14, 2020 6:48 am,

Temperatures are finally starting to feel like mid-December throughout much of the Lone Star State, with many Texans waking up to chilly weather in the mid- to upper 30s Monday morning. But even as the mercury falls, the energy industry appears to be heating up somewhat after a rather devastating year.

One notable sign is that oil prices are up to their highest point since March, said Matt Smith, director of commodity research for ClipperData.

“Prices have rallied about 40% from the lows of early November,” Smith said. “While it has been because of vaccine optimism, it’s also because we’ve seen some weakness in the U.S. dollar. You see this kind of inverse relationship there where oil prices rise when the U.S. dollar drops, so that’s been helping.

Listen to the full interview in the player above.

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