Oil surged toward US$63 a barrel and investment banks and traders are predicting the market will tighten further and push prices higher. Futures in New York jumped by 1.7 percent on Tuesday after climbing more than 4 percent in the previous session, Bloomberg reports. The market is heading toward what could be the tightest quarter since at least 2000, according to Morgan Stanley, while Socar Trading SA sees global benchmark Brent hitting US$80 this year as the glut of inventories built up during the pandemic is drained by the summer.

Source: The Standard February 23, 2021 03:21 UTC