A year since the decline of oil demand began, the world is starting to witness its resurgence. Earlier this week, WTI Crude Oil (USOIL) returned to trading levels above $60.00 per barrel.
The black gold began retracing on Thursday, with a close on Friday at $58.93 per barrel. With recent reports and data of increased demand for oil world wide, US oil has finally returned to its normal levels.
In January 2020, demand for oil began to drop with the emerging pandemic starting with China. As efforts were made to contain the virus, localized lock downs reduced demand for oil. As the world started following suit in February and March, the decline of oil demand was cemented before finally reaching historic negative levels in April 2020.