Brent crude topped $70 a barrel in London for the first time since mid-March amid signs that recovering consumption has whittled away a glut of oil that built up last year at the height of the Covid-19 pandemic.
Brent rose 0.9% to $70.08 a barrel in London, while U.S. crude futures neared $67 a barrel. The global benchmark hasn’t had a prolonged period above $70 since 2019.
Oil has joined other commodities in a blistering rally this year, with demand rebounding from the depths of the pandemic. Most recently that has been led by the U.S., where even the lagging aviation industry is showing signs of picking up, and Europe. Traders are optimistic about the prospects for a bullish summer as consumption snaps back in both regions, despite the ongoing spread of the virus in parts of Asia.
Last week, the International Energy Agency said surplus stockpiles that were built up during the pandemic have cleared.
— With assistance by Brian Wingfield
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