Global energy crunch shakes markets

Oil has rallied this year as the roll-out of vaccines to combat the pandemic aids energy demand, spurring a drop in the United States inventories. (File pic how oil storage at Cushing, Oklahoma. - Reuters)

NEW YORK: Brent oil roared above US$80 (RM335) 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.