Pretty much the whole world had a covid dip, bounce, and most recently a retreat as the economy appears to be rapidly decelerating as unemployment benefits expired and what’s left of the new fiscal spending is relatively small and keeps getting pushed out:
Crude oil is another story. There was a covid dip as the drop in demand exceeded Saudi output, which caused them to lose control of output. Now that demand has recovered they are back in control of prices, and currently they are in price hike mode:
Up a bit last month but still looking depressed historically:
