BARELY 14 months ago, oil traders were paying almost $40 to anyone willing to accept delivery of a barrel of crude by the end of May 2020. Such had been the pandemic’s impact in the demand for the black gold, that storage reached full capacity and those who, acting as middlemen, had secured large quantities of oil, were unable not just to resell it but even to keep it stored at a suitable location. Today the story is very different. By mid-last week the barrel of crude was traded at almost $73, a multi-year high, threatening to break through the $76 resistance and reach for maximums not seen since 2014. So, what is driving this sudden escalation in prices? There are several factors; demand is obviously increasing, as the global economy roars back to life following the stagnation experienced […]