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Oil hits $70 for first time since March 15 as Europe, US re-open economies

Europe, US reopening optimism offset by pandemic concerns in Asia; speculation of Iran nuclear deal revival limits upside

Crude Oil Price | US economy | oil and gas

Reuters  |  London 

Oil rose on Tuesday to hit $70 a barrel for the first time since March, as expectations of demand recovery following reopenings of the European and U.S. economies offset concern over spreading coronavirus cases in Asia. The British economy reopened on Monday, and Europe is starting to reopen cities and beaches. New cases in the United States continued to fall and New York lifted the mask requirement for vaccinated people. Brent crude was up 47 cents, or 0.7%, at $69.93 by 0825 GMT, and earlier topped $70 for the first time since March 15. U.S. West Texas Intermediate (WTI) ...

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First Published: Tue, May 18 2021. 14:12 IST