Global oil prices have fully recovered from the pandemic
February 8, 2021. Summarized by summa-bot.
Compression ratio: 19%. 1 min read.
After a rocky 12 months, oil prices — which got crushed when Covid-19 slashed demand for energy around the world — are roaring back.
London (CNN Business)After a rocky 12 months, oil prices — which got crushed when Covid-19 slashed demand for energy around the world — are roaring back.
But oil prices have been on the upswing for months thanks to optimism that coronavirus vaccines will unleash demand while producers avoid flooding the market with supply.
There are also meaningful signs of demand recovery in high-growth economies such as China, India and Brazil, UBS oil analyst Giovanni Staunovo told me.
Shares of Hyundai (HYMTF) and Kia plunged Monday after the South Korean automakers said they were not in talks with Apple to develop self-driving cars, closing the door on weeks of speculation.
"We are not having talks with Apple about developing self-driving cars," Hyundai said in a statement.
The statement added that Hyundai has received requests from "numerous companies" about developing self-driving electric cars, but that "no decision has been made as we are in the beginning stage. " Apple declined to comment, my CNN Business colleagues Jill Disis and Gawon Bae report.
"The liquidity is at record levels," said Philip Baggaley, chief credit analyst for the airline industry at Standard & Poor's.