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The supercharged oil price rally shows no signs of slowing, with oil prices now reaching multi-year highs. U.S crude rose above $80 per barrel for the first time since late 2014, marking a 125% gain since the end of last October. And last week, OPEC and its allies announced that they are firm on their prior agreement to raise production by a modest 400,000 barrels per day in November, which may not be enough to meet the current demand surge.
The global supply crunch is expected to push the oil prices higher. Analysts expect this momentum to continue through the winter, and oil prices could hit the $100 per barrel mark. As a leading energy infrastructure company, ENB should benefit from the oil price rally.
