Skip to content
Subscriber Only

Brent Oil Tops $70 as OPEC+ Flags Tightening Market Before Meet

  • Crude glut built up during Covid-19 pandemic has almost gone
  • Futures in London advance as much as 1.5% after monthly gain
Oil’s Rise Above $40 Comes as Demand Recovers, Shale Reawakens
Photographer: Luke Sharrett/Bloomberg
Updated on

Brent oil advanced above $70 a barrel after the OPEC+ alliance forecast a tightening global market ahead of a production policy meeting.

Futures in London rose as much as 1.5% after posting a second straight monthly gain. The oil glut built up during the pandemic has almost gone and stockpiles will slide rapidly in the second half of the year, according to an assessment of the market from an OPEC+ committee. The coalition is expected to ratify a scheduled output increase for July when it meets later Tuesday.