Oil hits $70 for first time since March 15 as Europe, US re-open economies

Oil rose on Tuesday to hit $70 a barrel for the first time since March, as expectations of demand recovery following reopenings of the European and U.S. economies offset concern over spreading coronavirus cases in Asia. The British economy reopened on Monday, and Europe is starting to reopen cities and beaches.

New cases in the United States continued to fall and New York lifted the mask requirement for vaccinated people. Brent crude was up 47 cents, or 0.7%, at $69.93 by 0825 GMT, and earlier topped $70 for the first time.

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