Crude prices cross $70 per barrel as western economies open

Crude prices cross $70 per barrel as western economies open

Crude prices rose above the $70 per barrel threshold during the second trading session as oil hit two-year highs amid growing demand in the US.

Brent, the international benchmark, rose 0.88 per cent to $70.07 per barrel at 2.23pm UAE time. West Texas Intermediate, which tracks US crude grades, was up 0.80 per cent at $66.80 per barrel.

The rally in crude prices is supported by recovering consumption in countries such as the US and China.