Oil continues rally with benchmarks trading above $70 per barrel

Oil continues rally with benchmarks trading above $70 per barrel

Oil prices continued to rally on Wednesday, with both key crude benchmarks trading above $70 per barrel.

Brent, the international benchmark, was up 0.55 per cent at $72.62 per barrel at 8.32am UAE time. West Texas Intermediate, which tracks US crude grades, was up 0.59 per cent, trading at $70.46 per barrel.

The benchmarks continued to gain amid stronger demand for crude, backed by the reopening of the global economy, particularly the easing of lockdown restrictions across western nations, and resumption of trade flows, is fuelling demand for crude and other commodities.