Oil hits $70 as Europe, US reopen economies

London, May 18

Oil rose on Tuesday to hit $70 a barrel for the first time since March, as expectations of demand recovery following reopenings of the European and US economies offset concern over spreading coronavirus cases in Asia.

The British economy reopened on Monday, and Europe is starting to reopen cities and beaches. — Reuters

Gains 35% in current year

The latest gain to $70 brings Brent’s rally this year to 35%, supported by supply cuts by the OPEC and allies

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