Brent oil edged toward $70 a barrel with optimism building about the demand outlook in key regions such as the US, even as the coronavirus makes a comeback in parts of Asia, Report informs referring to Bloomberg.
As of 8:50 (GMT+4), the price of July futures for North Sea Brent crude oil blend grew by 0.33 percent, to $69.69, for July futures on WTI oil – by 0.33 percent, to $66.5 per barrel, June futures for WTI rose 0.36 percent to $66.51 per barrel.
Oil is up almost 35 percent this year amid optimism fuel demand will increase as the vaccination drive accelerates across major economies and boosts mobility.
“The market is clearly focused on US, Europe and China,” said Jeffrey Halley, a senior market analyst at Oanda Asia Pacific. Brent could climb to $72 a barrel quite quickly once it gets through strong resistance at $70, he added.
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