KUALA LUMPUR: The spike in crude oil prices is anticipated as parts of the world see rising demand with the easing of the Covid-19 pandemic situation.

       Rakuten Trade Sdn Bhd vice-president for equity research Thong Pak Leng said demand for crude oil is expected to stay above US$80 (RM334) per barrel for some time and could possibly hit US$90 (RM376) with winter approaching in the northern hemisphere.

       “With the improved vaccination rate and relaxation of standard operating procedures in most countries, the demand for crude oil is expected to come back. We believe the local energy sector can be another recovery theme for trading opportunities in the next three to six months,” he told Bernama.

       Crude oil prices headed for a bull run by breaching the US$80 (RM334) per barrel mark yesterday, the highest since October 2018, amid a global energy crisis on signs that demand is running ahead of supply and depleting inventories. Brent crude jumped 1.07% to US$80.38 (RM336) per barrel, while West Texas Intermediate surged 1.29% to US$76.42 (RM319) per barrel. — Bernama