Brent crude crosses $70 for first time since March

Oil rigs

Oil prices extended gains on Tuesday, with Brent crude rising above $70, as the US and certain European countries prepared to reopen economy.

International benchmark Brent crude was trading up 1% at $70.12 per barrel, at 10.10 am Makkah time.

WTI crude rose 0.9% to $66.88 per barrel.

The UK reopened after a four-month COVID-19 lockdown. And with higher vaccination rates, France and Spain have relaxed restrictions, and Portugal and the Netherlands have opened up travel.

In the US, New York State will no longer require masks in most public spaces for people fully vaccinated against COVID-19, starting Wednesday, May 19, 2021.

Meanwhile, domestic sales of gasoline and diesel in India decreased by about a fifth in the first half of May, due to a rise in coronavirus cases that led to fresh lockdown measures.