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Price of Brent crude oil rises above $70

Credit: Belga

The price of Brent crude oil crossed the $70 (€58.90) mark for the first time since May 2019 on Monday.

The rise follows an attack on the facilities of Aramco in Saudi Arabia and comes against a backdrop of optimism about a global economic recovery.

The price of a barrel of North Sea Brent gained 2.11% on Monday at $70.89 (roughly €59,66). For several weeks now, the price of Brent has been on the rise.

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In February, it had exceeded $60 (or €50.49) for the first time in more than a year, boosted by prospects of a recovery in demand for oil due to the recovery of the world economy.

Meanwhile, the price of WTI crude oil was also up on Monday morning, rising by 1.50% to $67.12 (roughly €56.49).

The Brussels Times