Brent Crude Oil Above $70 a Barrel For The First Time Since March 5

Brent crude futures rose above the level of $70 a barrel for the first time since last March, as hopes for a strong recovery in fuel demand after the resumption of economic activities in the United States and Europe were offset by concerns about the spread of Covid-19 cases in Asia.

Brent crude futures rose 62 cents, equivalent to 0.9%, to $70.08 a barrel, while West Texas Intermediate crude rose 42 cents, or 0.6%, to $66.69 a barrel.

The two contracts had gained more than 1% on Monday.

Economic activities resumed in Britain on Monday, giving 65 million people a measure of freedom after a four-month lockdown due to COVID-19. As vaccination rates accelerate, France and Spain have eased restrictions, and Portugal and the Netherlands have opened the way to travel activity.

In the United States, New York State will no longer require the wearing of masks in most public places for people who have received full doses of vaccinations against Covid-19 from Wednesday, and other regions will resume economic activities there.

And in India, the second most affected country by the pandemic, preliminary data showed yesterday that domestic sales of government refineries of gasoline and diesel fell by a fifth in the first half of May compared to the previous month, as the pandemic-related lockdown measures affected industrial activities and consumption.