Brent crude exceeds $ 70 due to reopening in the US and Europe

Oil rose on Tuesday to $ 70 a barrel for the first time since March, as expectations of a pickup in demand after the reopening of European and US economies offset concerns about the spread of oil prices. Covid-19 cases in Asia.

The British economy reopened on Monday, and Europe began to recover in cities and beaches. New cases continue to fall in the United States and New York Raising requirements for face masks for vaccinated people.

Crude oil futures Brent They gained 24 cents, or 0.4%, to $ 69.70, after crossing $ 70 earlier in the session for the first time since March 15th. American crude West Texas Intermediate (WTI) was up 32 cents, or 0.5%, at $ 66.59.

The $ 70 rally pushed the rally higher Brent This year to 35%, boosted by supply discounts from Organization of the Petroleum Exporting Countries And her allies. Some analysts say this could lead to more progress.

Jeffrey Haley, an analyst at OANDA Brokerage, said a rally above $ 70 should trigger more systematic buying and move it up to $ 71.50 a barrel fairly quickly.

Europe and the United States’ progress in fighting the epidemic contrasts with the situation in Asia, which is limiting the rise in oil.

Another factor that affected prices was the possibility of reactivating the Iran nuclear deal, which would allow the member state to do so OPEC Fully resume its exports.