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WASHINGTON (dpa-AFX) - Crude oil prices continued over one-year highs as easing restrictions in various countries ushered in travelers and bolstered expectations of a rapid surge in the demand
Crude may hit $80/bl this yearâMontepeque
The oil market veteran sees further price upside
Demand strength in the US and China and a bullish storage picture should prime oil prices for further gains, even as high as $80/bl, according to Jorge Montepeque, president of challenger price reporting agency (PRA) General Index and formerly the influential head of markets at rival PRA S&P Global Platts.  Â
âThe most important thing over the past year-and-a-half is that the price has jumped like nobody could have imagined,â says Montepeque. âThe market has essentially gone up by 90pc. Imagine that, in the middle of the most cataclysmic shrinkage in demand, we have seen an increase in prices of 90pc in a year.â
Oman crude crosses $70-mark SHARE
Oman oil was traded at over $70 for the first time since the beginning of the price decline over a year ago to close at $70.14.
Oil prices extended their rally Wednesday on growing expectations for demand as the global economy recovers, while equities rose in Europe and edged higher in the United States.
Crude futures in New York closed at $68.83 a barrel, their highest level since October 2018, while futures in London climbed to their highest level since May 2019.
The rally comes a day after the so-called Opec+ group confirmed its production plan amid optimism of increased consumption in a reopening global economy.