Oil price to surge as global consumption 'to return to pre-virus levels by late July'

Prospects for the rollout of vaccines to spur economic recovery and in turn to drive the demand for oil has helped to push the price of global crude oil back up in recent weeks

It takes a relatively small period of time, perhaps as little as two weeks, for higher global Brent crude prices to be reflected in retail prices at Irish forecourts, and longer for household energy bills to rise. Picture: Lewis Whyld/PA Wire

The price of crude oil extended its rally as the dollar dropped and Goldman Sachs predicted global demand would recover faster than supply.

Futures in New York gained the most intraday in nearly three weeks.