Brent rises to near $70 on demand prospects and ahead of OPEC+ meet

Brent rises to near $70 on demand prospects and ahead of OPEC+ meet
# 01 June 2021 08:30 (UTC +04:00)

Oil prices rose on Tuesday, with Brent topping $70, as optimism grew over the fuel demand outlook during the summer driving season of the United States, the world's top oil consumer.

Prices were also boosted after data from China showed that factory activity expanded at its fastest this year in May.

Brent crude futures for August gained 83 cents, or 1.2%, to $70.15 a barrel by 0223 GMT. U.S. West Texas Intermediate crude for July was at $67.61 a barrel, up $1.29, or nearly 2% from Friday's close, with no settlement price for Monday due to a U.S. public holiday.

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