Brent crosses $ 70 due to reopening in the US and Europe

Oil rose on Tuesday to $ 70 a barrel for the first time since March, as hopes of an improvement in demand after economies reopened in Europe and the United States allayed concerns about the spread of oil prices. Kovid-19 Case in Asia.

The UK economy reopened on Monday and Europe has resumed activity in cities and beaches. New cases continue to decline in the United States and New York Raised the need for face masks for vaccinated people.

Raw futures Brent After breaking above the first $ 70 in session for the first time since March 15, they rose 24 cents, or 0.4%, to $ 69.70. American crude West Texas Intermediate (WTI) was up 32 cents or 0.5% at $ 66.59.

The $ 70 increase boosted the rally Brent To 35% this year supported by supply cuts Organization of the Petroleum Exporting Countries And his associates. Some analysts say this could lead to further progress.

A rally above $ 70 should trigger more systematic buying and bring it down to $ 71.50 a barrel, said Jeffrey Haley, an analyst with brokerage OANDA.

The progress of Europe and the United States in the fight against the epidemic is in stark contrast to the situation in Asia, which is limiting the increase in oil.

Also weighing on the prices was likely to reactivate the Iran nuclear deal, which would allow the member country OPAC Resume your exports completely.