Stocks of oil in some of the world’s top economies have fallen to their lowest levels in almost a decade and a drive to refill them could nudge oil toward $100 a barrel.
Oil has rallied from a pandemic low of around $16 to nearly $92 on Friday as the global economy recovers from the pandemic and the Omicron variant of the coronavirus has little impact. However, just when buyers will buck high prices to refill depleted storage is disputed by banks and analysts.
Even top energy watchdog the International Energy Agency (IEA) says the ups and downs of the pandemic are clouding the ability to model a trend.
