Brent Exceeds $70 For The First Time Since The Pandemic

Brent crude futures rose above $70 a barrel today, Monday, for the first time since the outbreak of the Covid-19 pandemic, while US crude touched its highest level in more than two years, following reports of attacks on Saudi facilities.

Brent contracts for May delivery reached $71.38 a barrel in early Asian trade, the highest level since January 8, 2020, and recorded $70.96 a barrel, up $1.60, or 2.3%.

US West Texas Intermediate crude for April delivery rose 1.47 dollars, or 2.2%, to $67.56. The contract touched the closest maturity $67.98 earlier, the highest level since October 2018.

Asian stocks rose after the US Senate approved a $1.9 trillion stimulus package while positive data from the United States and China heralded a global economic recovery.

On Sunday, Houthi forces launched drones and missiles towards the heart of Saudi Arabia’s oil industry, targeting facilities, including a vital oil export facility of Saudi Aramco in Ras Tanura, which Riyadh described as a failed attack on the security of global energy supplies.

Brent and US crude rose for the fourth consecutive session, after OPEC and its allies decided to keep production cuts unchanged in April.