Brent Has Peaked Since March in Anticipation of Demand Growth

Oil prices rose on Tuesday, June 1, to record Brent $71 and its highest level since March, thanks to expectations of growth in fuel demand in the summer travel season in the United States.

Prices were also boosted by Chinese data showing factory activity grew at its fastest pace this year in May.

Brent crude futures for August delivery were up $1.48, or 2.1%, to $70.80 a barrel. US West Texas Intermediate crude scored $68.19, up $1.87, or 2.8%, from Friday’s close, as the settlement price was not determined on Monday due to a public holiday in the United States.

Brent hit $71 earlier in the session, its highest intraday level since March 8.