Crude oil hits three-year highs on robust demand recovery

2 min read | October 05, 2021 12:25 PM AEDT | By Arpit Verma

Crude oil hits three-year highs on robust demand recovery — Image source: Rising oil prices | Source: © Emeraldgreen | Megapixl.com

Oil’s bullish sentiments

The rising energy demand and the outcomes of OPEC meeting keep the sentiments for oil bullish. OPEC+ has faced pressure from various member countries to increase supply to the market as demand for crude oil has rebounded significantly in various parts of the world.

Oil’s bullish drive

As per the data released by the International Energy Agency, demand for natural gas and coal surged to pre-pandemic levels. The ongoing crude oil rally has also been fuelled by a rapid surge in the global gas prices that increased magnificently by 300%, pushing the consumers to switch to crude oil and other crude products instead of gas to generate electricity.

Bottom Line

Crude oil prices surged to three-year high levels on the back of the plan of OPEC and its allies to gradually increase the output amid a solid recovery in the global energy demand.

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