In the first week of 2021, a triple whammy caused a surge in crude oil prices, with North Sea Brent rising to US$70.73 per barrel ($93 per barrel) initially on Jan 6, the commodity’s highest level since Sept 2020, but fell back to US$53 per barrel during the afternoon in London. As at Jan 7, North Sea Brent is at US$54.43 per barrel.

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