Brent pushes through $70 for first time since March 15 as demand optimism outweighs concerns about Covid-19 in AsiaLondon — Oil rose on Tuesday to hit $70 a barrel for the first time since March, as expectations of demand recovery after reopening of the European and US economies offset concern over spreading coronavirus cases in Asia.
Brent crude was up 55c, or 0.8%, at $70.01 by 9.07am GMT, trading above $70 for the first time since March 15. US West Texas Intermediate crude was up 37c, or 0.6%, at $66.64. The latest gain to $70 brings Brent’s rally this year to 35%, supported by supply cuts by oil cartel Opec and allies. This could lead to a further advance, some analysts said.
European and US progress in the battle against the pandemic contrasts with the situation in Asia, which is limiting oil’s rally.