(RepublicanPress.org) – The mounting rate of COVID-19 infections threw the oil industry into a tailspin throughout most of 2020. OilPrice.com, which bills itself as the world’s most popular energy-oriented news website, reported that more than 40 United States oil and gas companies filed for bankruptcy the first 11 months of the year due to a combined debt of more than $24 billion.
Oil and gas bonds trading at a total of $144 billion in March lagged to less than $40 billion by November’s end. Oil prices have bounced around throughout the year remaining below $50 a barrel from March through early December.
📉 Oil Prices /December 22, 2020/
🛢 Brent $50.08 (-1.66%)
🛢 WTI $47.02 (-2.02%)
🛢 Urals $40.00
— Oil Prices (@TopOilNews) December 23, 2020
On December 10, MarketWatch reported global prices finally settled above $50 in the wake of the news of the imminent release of Emergency Use Authorizations for two COVID-19 vaccines. However, oil lost some of those gains the week of December 21 as word spread of a new virulent strain of the coronavirus.
On the bright side, several market movers remain bullish on oil, with Goldman anticipating Brent crude will average around $65 a barrel in 2021.
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