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Sinopec News Network reported on June 1st, according to the offshore engineering website.
As of 6:10 GMT, August Brent crude oil futures prices rose 94 cents to 70.
Brent crude oil earlier hit an intraday high of $70.
ING Economics analysts said in a report on Tuesday: "Although parts of Asia are concerned about the tightening of restrictions related to the epidemic, the market seems to be more concerned about the positive demand in the United States and parts of Europe.
"In the United States, after the Memorial Day weekend, the summer driving season has officially begun.
Tracking company GasBuddy said that US gasoline demand on Sunday jumped 9.
However, as more output is expected to flow into the market, price increases are limited.
OPEC sources said that OPEC+ may agree to continue slowly relaxing supply restrictions at a meeting on Tuesday as oil producers strike a balance between the expected recovery in demand and the possible increase in production.
In April of this year, OPEC+ decided to return 2.
ING Economics analyst added: "We believe that the market will be able to absorb this new supply, so it is expected that the group will confirm the planned increase in production in the next two months.
Wu Henglei compiled from offshore engineering
The original text is as follows:
Brent Reaches $70, Highest Since March
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.
Brent crude futures for August gained 94 cents, or 1.
Brent earlier hit a session peak of $70.
"While there are concerns over tighter COVID-19 related restrictions across parts of Asia, the market appears to be more focused on the positive demand story from the US and parts of Europe," analysts from ING Economics said in a note on Tuesday.
"In the US, the summer driving season officially got underway following the Memorial Day weekend, and we have entered this period with gasoline inventories already trending lower, and not too far from a 5-year low for this time of the year.
Tracking firm GasBuddy said Sunday's US gasoline demand jumped 9.
The price gains were capped, though, as more output is expected to hit the market.
The Organization of the Petroleum Exporting Countries and its allies-known as OPEC+-are likely to agree to continue to slowly ease supply curbs at a meeting on Tuesday, OPEC sources said, as producers balance an expected recovery in demand against a possible increase in output .
OPEC+ decided in April to return 2.
1 million barrels per day (bpd) of supply to the market from May to July, as it anticipated global demand would rise despite surging coronavirus cases in India, the world's third-largest oil consumer.
"We believe that the market will be able to absorb this additional supply, and so would expect the group to confirm that they will increase output as planned over the next 2 months," ING Economics analysts added.
