Oil stocks are surging in 2021 but these factors could derail a bull run
After surging more than 30% in 2020, oil stocks are still finding themselves stuck between an oil shale and a hard place. Oil demand is swinging as different countries struggle with COVID outbreaks:
- Europe – the EU is planning to ease restrictions for vaccinated travelers, which could increase the demand for oil.
- India, the third-largest oil-importing country, is still dealing with its worst increase in COVID cases.
- In the US and China, oil demand is nearly back at their pre-COVID levels.