Energy analysts believe crude prices could be poised to rally toward $100 a barrel.
Brent futures gained 2.5% to close at $81.26 on Monday, notching its highest settle for three years. WTI rose 2.3% to end the previous session at $77.62, reaching its highest settle in almost seven years."The market is full of confidence," Tamas Varga, senior analyst at PVM Oil Associates, said in a research note on Tuesday. "The question is whether this optimism is justified or not.
The recovery in global oil demand from the coronavirus pandemic has been quicker than many expected, while global supply has been disrupted by hurricane outages and low investment. India, another big oil consumer, has also pushed for OPEC to consider more supply to ensure prices suit both producers and consumers.
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