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Crude oil prices reach highest point in nearly 3 years on strong demand in US

Analysts at Goldman Sachs believe that Brent crude oil could reach $80

The price of Crude oil has made further gains into this week, reaching its highest point in 32 months.

With Brent crude oil at $71.47 per barrel in the early afternoon on Monday, the energy market is being supported by speedy roll-outs of vaccines worldwide, as well a coherent plan by OPEC+ to control supply levels.

Similarly West Texas Intermediate is at $71.70, its highest level in nearly three years, carrying on its recent bull run.

The run comes as more and more Americans are venturing outdoors and getting back to a normal mode of life.

New cases of coronavirus are falling in the US to the lowest levels in over 12 months, while over 50% of Americans have been vaccinated.

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Daily air travellers in the USA went past 2m for the first time since before the pandemic, confirming strong demand for fuel as the summer season nears.

Demand for oil is expected to surpass pre-pandemic levels before the end of 2022, according to the International Energy Agency (IEA).

Analysts at Goldman Sachs believe that Brent crude oil could reach $80 per barrel this summer.

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