In the first week of 2021, North Sea Brent surged to US$70.73 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. The 10-year US Treasury Yield meanwhile rose above 1%, closing at 1.09% on Jan 7.
In Singapore oil plays are few and far between. During the oil boom of the early 2000s, investors played the theme through capital goods, such as oil rigs. At one point, Keppel Corp and Sembcorp Marine (SCM) were the world’s largest and second largest producers of jack-up rigs.
