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International oil prices rose to $70 a barrel on Tuesday, the first since March, as expectations of a recovery in demand after the reopening of economies in Europe and the United States offset fears
of the spread of coronavirus cases in Asia.
Britain's economy reopened on Monday and Europe began to reopen cities and beaches
.
New cases continue to decline in the United States, with New York lifting mask requirements
for vaccinated people.
Brent crude rose 55 cents, or 0.
8 percent, to $70.
01 on Tuesday, 0907 GMT, local time, breaking above $70 for the first time since March 15
.
U.
S
.
West Texas Intermediate (WTI) crude rose 37 cents, or 0.
6 percent, to $66.
64.
Brent crude reached its latest gain of $70, backed by supply cuts from the Organization of the Petroleum Exporting Countries and allies, giving it a 35 percent
gain this year.
Some analysts say this could lead to further development
.
Analysts at research institute OANDA said: "If oil prices break above $70 a barrel, it will trigger more systematic buying and soon rise to $71.
50 a barrel
.
" ”
The progress made by Europe and the United States in the fight against the pandemic contrasts sharply with the situation in Asia, which has limited the rebound
in oil.
Lockdowns have been reinstated in Singapore and Taiwan, while lockdowns triggered by India's containment of infections have led to a sharp drop
in fuel demand.
International oil prices rose to $70 a barrel on Tuesday, the first since March, as expectations of a recovery in demand after the reopening of economies in Europe and the United States offset fears
of the spread of coronavirus cases in Asia.
Britain's economy reopened on Monday and Europe began to reopen cities and beaches
.
New cases continue to decline in the United States, with New York lifting mask requirements
for vaccinated people.
Brent crude rose 55 cents, or 0.
8 percent, to $70.
01 on Tuesday, 0907 GMT, local time, breaking above $70 for the first time since March 15
.
U.
S
.
West Texas Intermediate (WTI) crude rose 37 cents, or 0.
6 percent, to $66.
64.
Brent crude reached its latest gain of $70, backed by supply cuts from the Organization of the Petroleum Exporting Countries and allies, giving it a 35 percent
gain this year.
Some analysts say this could lead to further development
.
Analysts at research institute OANDA said: "If oil prices break above $70 a barrel, it will trigger more systematic buying and soon rise to $71.
50 a barrel
.
" ”
The progress made by Europe and the United States in the fight against the pandemic contrasts sharply with the situation in Asia, which has limited the rebound
in oil.
Lockdowns have been reinstated in Singapore and Taiwan, while lockdowns triggered by India's containment of infections have led to a sharp drop
in fuel demand.
