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.
Passengers checking in through security at US airports surged to 1.85 million on Sunday, the highest since early March 2020, according to Transportation Security Administration data. The flurry of travelers making their way through terminals has steadily climbed for the past month and is now only about 30 percent lower than levels the TSA saw at the same time in 2019.