The global economy could be on the brink of a new commodity “supercycle” as governments prepare to use a green industrial revolution to kickstart growth following the coronavirus pandemic. Global oil prices have climbed to 11-month highs of $55 a barrel with help from the Opec oil cartel. The fiscal stimulus plans outlined by countries – including the UK and the incoming Biden administration in the US – are likely to increase demand for metals and energy to build green infrastructure. Sign up to the daily Business Today email or follow Guardian Business on Twitter at @BusinessDeskHigher fossil fuel market prices could increase the appetite for low-cost renewable energy which will be even cheaper by comparison as fossil fuel prices rise, Lewis added. Any company will be interested in maximising returns from their existing [fossil fuel] portfolio.

Source: The Guardian January 10, 2021 17:48 UTC