Oil tops $70 as US summer driving season kicks off

Despite COVID-related restrictions in parts of Asia, the market is buoyed by demand from the US and parts of Europe.

Oil prices rose on Tuesday, with Brent topping $70, 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 83 cents, or 1.2 percent, to $70.15 a barrel by 02:23 GMT. US West Texas Intermediate crude for July was at $67.61 a barrel, up $1.29, or nearly 2 percent from Friday’s close, with no settlement price for Monday due to a US public holiday.