Oil back to $100 per barrel? ASX energy shares could rocket

Brent crude oil, the international benchmark, hasn’t traded above US$100 per barrel since the heady days leading up to the global financial crisis. In other words, for more than 13 years.

The last time it traded above US$80 was back in October 2018.

Stymied by record level oil production from the United States, and driven by breakthroughs in shale oil production, Brent largely traded in the US$60–70 range since then. Right up until the end of January last year.

We all know what happened then.

COVID-19 entered the scene and demolished global demand for oil as air, land, and sea travel all but ground to a halt. By 24 April 2020, Brent was selling for US$21 per barrel.

Needless to say, ASX energy shares were walloped.

But as the…