OIL IS MAKING a comeback, at least on the face of it. On February 8th the price of Brent crude rose above $60 a barrel for the first time in more than a year. Battery metals, too, are enjoying a run-up. The prices of cobalt, lithium and some rare-earth metals have soared since late 2020, with copper and nickel enjoying a longer climb. It is tempting to see the surge as evidence of competing bets about the fuels of the future. For both oil and battery metals, the reality is more complex.
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