Oil Price Rises Above $80 a Barrel for First Time in Three Years

Oil prices have risen above $80 a barrel for the first time in three years as resurgent demand stokes fears of a supply shortfall.

Brent crude, the global benchmark price, rose for a sixth day to touch $80.20, its highest price since October 2018.

Oil prices plunged below $20 a barrel when the pandemic hit last year, causing a collapse in demand. However demand has rebounded more quickly than most expected while supplies remain constrained, including by production curbs imposed by the Opec cartel and its allies to help rebalance the market.

Goldman Sachs has increased its forecast for Brent prices by the end of this year to $90 a barrel, from $80 a barrel previously.