Oil prices continue to surge, rising above $80 USD a barrel for the first time in three years. InvestSMART Chief Market Strategist Evan Lucas said this is largely due to COVID, with the demand for oil having “completely evaporated” last year – but with recovery efforts around the globe there is now a surge in demand. “Demand is so high because of the speed and recovery that is going on across the globe – because of vaccination, which is a fantastic thing, we’re now having a scenario where supply has actually been caught off-guard,” Mr Lucas told Sky News Australia. He said the US has been drawing a record 4.5 million barrels a day.
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