Oil prices have made a huge comeback in just over a year.
U.S. oil prices turned negative in April 2020, a never-before-seen move. But, this month, West Texas Intermediate crude hit levels not seen in more than two years as a reopening economy and a rebound in demand fueled a surge in prices. Prices rose by 0.7% to $73.43 a barrel on Tuesday.
“It is back from the dead and it’s incredible to see the run-up in crude prices,” Regina Mayor, global head of energy at KPMG, told CNBC’s “Trading Nation” on Tuesday.
Crude has risen more than 50% this year, tracking for its best first half since 2009. Mayor said the surge in prices comes down to both higher demand and a supply squeeze.