As the global recovery continued to boost demand, oil prices reached a three-year peak.
Brent crude rose to $86.70 a barrel – the highest level since October 2018 when it peaked at $86.74. It was at $86.70 a barrel when it peaked at $86.74.
Digging deep: Brent crude rose to $86.70 a barrel – the highest level since October 2018 when it peaked at $86.74
The surge in the price of oil – which fell below $20 a barrel last year as the pandemic hammered demand – has pushed up the cost of fuel on British forecourts.
Petrol hit an all-time high of 142.94p a litre on Sunday, hitting motorists in the pocket.
“The global energy supply crunch continues, as oil prices extend this week their upward march, a result traders pricing in the continuing rise in fuel demand which amid limited supply response depleting global stockpiles,” said Louise Dickson senior oil markets analyst at Rystad Energy.
Goldman Sachs stated that a strong rebound of oil demand could push Brent crude oil prices above their year-end forecasts of $90 per barrel.