LONDON: One year ago, crude oil prices plunged into the abyss, wiped out by the global coronavirus pandemic and disagreement within OPEC.
Twelve months on, prices have recovered and are rising, boosted by the global vaccination roll-out and brightening optimism over demand.
Oil has returned to its pre-pandemic price, hovering around $65 a barrel, with predictions from Goldman Sachs it will rise above $80 in the coming months.
Strong indications are that demand will rise in countries where Covid jabs are moving apace, according to the US investment bank.
Rival group Morgan Stanley is predicting that crude prices will rise to $70 a barrel in the third quarter, adding to normal seasonal demand.
According to the International Energy Agency (IEA) in its latest…
