January 9, 2025
Oil price tops $60 for first time in more than two years
Oil prices have been recovering after tumbling below $30 in 2016
THE price of a barrel of oil has topped $60 for the first time in more than two years on rising expectations of a renewed deal to cut supplies.
Brent crude has climbed to its highest level since July 2015 amid hopes of that oil-producing countries will extend efforts to combat a supply glut.
Oil has been gradually recovering since the start of last year when it crashed close to $27 – caused by weak global demand combined with an oversupply of the commodity.
The weakness of the price has badly hurt producers and prompted a major shake-up of the industry including the loss of thousands of jobs in the North Sea.
The latest milestone marks another step for the sector getting back on an even keel.
FTSE 100 stalwarts BP and Shell, mainstays of many pension funds, are key beneficiaries of a recovery.
