Oil roars beyond $80, the highest in nearly three years

Oil has rallied this year as the vaccine rollout boosts energy demand, leading to a drop in US inventories.

Brent oil roared above $80 a barrel on signs that demand is running ahead of supply, depleting inventories amid a global energy crunch.

The leading crude benchmark rose for a sixth day to hit the highest since October 2018, while West Texas Intermediate extended gains. Oil’s latest upswing has come with a flurry of bullish price predictions from banks and traders, further gains in natural gas, and speculation that the energy industry isn’t investing enough in fossil fuels to keep supplies at current levels.