Oil Ticks Up to $70 Fueled by Global Recovery Hopes

Oil Ticks Up to $70 Fueled by Global Recovery Hopes

Brent crude, the global benchmark, traded within a few decimal points of $70 on Wednesday on a raft of positive economic news, including the International Monetary Fund's forecast that growth next year would hit 6 percent, the highest in four decades. The price of crude oil is nudging $70 a barrel for only the second time in over a year as hopes grow of a resurgent global economy. Brent crude, the global benchmark, traded within a few decimal points of $70 on Wednesday on a raft of positive economic news, including the International Monetary Fund's forecast that growth next year would hit 6 percent, the highest in four decades. That followed optimistic assessments by international energy experts of a recovery in oil demand in the second half of the year, and strong demand in the US as lockdown restrictions are lifted and drivers take to the roads again. Even the bad news from India, where the COVID-19 pandemic is raging, could not dampen an overall positive outlook for the global economy and energy demand. India is a big importer of crude oil, but its economy is small in relation to the big power blocs of the US, China and Europe.