Oil prices rose on Tuesday, with Brent topping $70 and trading at its highest since March, 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 94 cents, or 1.4%, to $70.26 a barrel by 0610 GMT. U.S. West Texas Intermediate crude for July was at $67.66 a barrel, up $1.34, or 2% from Friday’s close, with no settlement price for Monday due to a U.S. public holiday.
Brent earlier hit a session-peak of $70.34, the highest intra-day price since March 8.
The price gains were capped, though, as more output is expected to hit the market.
• OPEC, Russia seen gaining more power with Shell Dutch ruling
It means more business for them and the Saudi-led Organization of the Petroleum Exporting Countries (OPEC).
Thai
Eng