Recovery path: The sun is seen behind a crude oil pump jack in the Permian Basin in Texas. The oil market is forecast to get tighter, with daily consumption set to rise well above pre-Covid levels by the end of 2022. — Reuters
NEW YORK: Oil prices could be set for a “prolonged period” above US$100 (RM418.70) a barrel over the next six to nine months, with the world setting fresh demand records this year, says Vitol Group chief executive officer Russell Hardy.
Crude already surged to within a few dollars of that level earlier this month, as the recovery in fuel use from the pandemic started to run into supply constraints.
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