2020 proved a year when lockdowns paralysed global economy

In a way, the going year (2020) has done more bad than good in all sectors. Global crude oil markets lost about a fifth of their value this year as strict Coronavirus lockdowns paralysed much of the global economy. But with the passage of time, prices have seen a rebound strongly from their lows as governments rolled out stimulus after stumulus.

Today, the last trading day of 2020, Brent was down 8 cents, or 0.2 per cent at $51.55 a barrel, as of 0756 GMT and U.S. West Texas Intermediate (WTI) lost 13 cents or 0.3 per cent to $48.27 a barrel.

Brent and WTI have more than doubled from decade-lows seen in April, putting past a year which marked the first negative prices for WTI that shocked investors globally.

Shares of Asian climbed and were set to end a tumultuous 2020 at record highs after growing investor hopes for a global economic recovery caused the dollar to fall further against most major currencies.

The dollar was seen ending 2020 in a downward spiral with investors staking a global economic recovery will suck money into riskier assets even as the United States has to borrow ever more to fund its swelling twin deficits.

As per market trends, Global commodity markets are poised to end 2020 on a strong note with recovering demand and widespread stimulus packages buoying prices after a roller coaster ride caused by the Coronavirus.

In the New Year, roll-outs of vaccines to combat the virus and trillions of dollars’ worth of fiscal support are expected to boost investment and spending in 2021.

In the short-term, concerns over Coronavirus lockdowns are likely to cap gains.