Oil Jumps Above $80, Turbocharged by Supply Shortages

[Yo_Mama_Been_Loggin]

The extended climb in oil prices is leaving some other industrial commodities behind, a divergence that reflects bets that energy supply shortages will offset any slowdown in the global economy.

U.S. crude rose 1.5% to $80.52 a barrel on Monday, closing above $80 for the first time since late in 2014 and bringing its climb since the end of last October to 125%.

Oil is now on track to outpace copper this year by the largest amount since 2002 and is topping an index of raw materials by the biggest margin in more than a decade, according to Dow Jones Market Data. Like oil, natural gas is also far outpacing other commodities.

Copper prices are about 8% below a May record, while rallies in some other materials such as zinc and lead have largely stalled.

https://www.msn.com/en-us/money/markets/oil-jumps-above-dollar80-turbocharged-by-supply-shortages/ar-AAPmZGA

[Calista241]

1. Vladimir Putin celebrates.

[Klaralven]

3. And a lot of other people

1 United States 14,837,639,510
2 Saudi Arabia 12,402,761,040
3 Russia 11,262,746,200
4 China 4,905,070,874
5 Canada 4,596,724,820
6 Iraq 4,443,457,393
7 Iran 4,376,194,355
8 United Arab Emirates 3,772,788,273
9 Brazil 3,242,957,836
10 Kuwait 2,990,544,137
11 Mexico 2,484,354,880
12 Venezuela 2,355,423,552
13 Norway 2,003,747,525
14 Qatar 1,987,192,978
15 Nigeria 1,938,542,727
16 Angola 1,796,742,754
17 Algeria 1,698,785,656
18 Kazakhstan 1,698,280,454
19 United Kingdom 1,083,928,369
20 India 1,016,370,639

https://www.worldometers.info/oil/oil-production-by-country/

[gipper66]

2. Great News

People will drive less, more will consider electric cars, less consumption. Thank you President Biden!