Brent Oil Climbs to $70 a Barrel as Reopenings Boost Demand
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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.