Oil prices rose on Tuesday to hit $70 for the first time since March

According to a report from EnergyWorld.

On Monday, the British economy reopened, and Europe began to reopen cities and beaches.

As of 9:07 GMT, the price of Brent crude oil rose by 55 cents to US$70.

Tamas Varga of the brokerage PVM said the economy is starting to rise again.

With the support of the Organization of the Petroleum Exporting Countries and allies to cut supplies, the price of Brent crude oil has recently risen to $70 per barrel, bringing its increase this year to 35%.

Geoffrey Halley, an analyst at the brokerage firm OANDA, said that if the price of oil exceeds $70 per barrel, it will trigger more systematic buying, which will soon rise to $71.

The progress made by Europe and the United States in fighting the epidemic is in sharp contrast with the situation in Asia, which limits the rise of oil prices.

Singapore resumed its blockade measures, and after India adopted restrictive measures to curb the infection, fuel demand dropped sharply.

　　Later, we will focus on this week’s US supply report, which is expected to show an increase in crude oil inventories by 1.

　　Hao Fen Translated from Energy World Network

　　The original text is as follows:

　　Oil hits $70, two-month high, as Europe, US reopen economies

　　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.

　　Brent crude was up 55 cents, or 0.

　　"Economies are again switching a gear higher," said Tamas Varga of broker PVM.

　　The latest gain to $70 brings Brent's rally this year to 35 per cent, supported by supply cuts by the Organization of the Petroleum Exporting Countries and allies.

　　"A rise through $70 should trigger more systematic buying and see it advance to $71.

　　European and US progress in the battle against the pandemic contrasts with the situation in Asia, which is limiting oil's rally.

　　Singapore have reinstated lockdown measures, and India has seen a plunge in fuel demand following restrictions to curb infections.

　　In focus later will be this week's US supply reports, expected to show a 1.
7 million-barrel rise in crude inventories.
The American Petroleum Institute's report is out at 2030 GMT.