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Brent crude tops USD 70 with bullish demand outlook

Brent crude reached USD 70 per barrel Tuesday due to optimism about the demand outlook in key regions and signs that a glut built up last year has been whittled away.

Photo: Maersk Drilling

Brent oil topped USD 70 a barrel with optimism building about the demand outlook in key regions such as the US, and on signs that a glut built up last year has been whittled away.

The global benchmark added as much as 1.1 percent reaching its highest since March 8, while US crude futures briefly topped USD 67 a barrel. The global benchmark hasn't had a sustained period above USD 70 since 2019.

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