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The year 2020 was undeniably a relentless year for the energy sector. Crude oil prices tumbling deep negative, then the oil price war and a grave demand drop amid the pandemic were some of the last year’s highlights. But the worst seems to be over for the disliked oil and gas space. The year 2021 could be a banner year and might make up for the energy investors’ losses in the last few years. Long-pending energy market recovery Crude oil has breached $50 a barrel levels this week for the first time since February 2020. Interestingly, the U.S. Energy Information Administration has recently upped its forecast of Brent oil to $49 a barrel for the current year from $43 per barrel earlier. The ongoing crude oil price rally might get a firmer push once economies re-open and vaccine reaches a large global population. Notably, the oil and gas sector is one of the most important sectors in Canada. Rising energy commodities is great news for Canadian energy titans. TSX energy stocks have risen around 8% on average this week on rising oil prices. Interestingly, considering the deep trough the energy sector went through last year, the rally can well […]
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