• 3 minutes Will Iron-Air batteries REALLY change things?
  • 7 minutes Natural gas mobility for heavy duty trucks
  • 11 minutes NordStream2
  • 1 hour U.S. Presidential Elections Status - Electoral Votes
  • 23 mins Evergrande is going Belly Up.
  • 3 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 13 hours Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 2 days Poland Expands LNG Powered Trucking and Fueling Stations
  • 2 days World’s Biggest Battery In California Overheats, Shuts Down
  • 21 hours The unexpected loss of output from wind turbines compels UK to turn to an alternative; It's not what you think!
  • 8 hours Ten Years of Plunging Solar Prices
  • 11 hours Extraction of gasoline from crude oil.
  • 3 days The coming Cyber Attack
  • 3 days Is the Republican Party going to perpetuate lies about the 2020 election and attempt to whitewash what happened on January 6th?
  • 3 days Ozone layer destruction driving global warming
  • 3 days 'Get A Loan,' Commerce Chief Tells Unpaid Federal Workers
Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Oil Close To Hitting $70 As The U.S. And Europe Reopen

Brent oil prices were less than 50 cents away from hitting $70 per barrel early on Wednesday amid market optimism that reopening the United States and Europe would accelerate the economies, travel, and oil demand this summer.

As of 9:45 a.m. EDT on Wednesday, ahead of the weekly EIA report on U.S. oil inventories, Brent Crude prices had risen by 1 percent to $69.58.

The U.S. benchmark, WTI Crude, was also up—trading above $66 per barrel, at $66.29, up by 0.94 percent on the day. 

Oil prices settled on Tuesday at their highest level in seven weeks, driven by expectations that the economic and oil demand rebound in the United States and Europe would outweigh the still tragic COVID numbers in India and Brazil.

Starting mid-May, New York, New Jersey, and Connecticut will remove the majority of the capacity restrictions for restaurants and offices. In Europe, the European Commission proposes that the European Union (EU) allow entry for non-essential travel for anyone who has received the last dose of an EU-approved vaccine at least two weeks before arrival.

Some of the largest EU economies—including major travel destinations such as Italy—are also gradually reopening, signaling increased domestic travel first and international arrivals later.

Italy will start allowing domestic traveling between regions from mid-May and could welcome EU travelers from mid-June, Italian Prime Minister Mario Draghi said on Tuesday, adding that “Italy is ready to welcome the world again.”

Related Video: Good Luck Getting Gas This Summer

Some of the major historical and art landmarks in Italy, including the Vatican Museums, the Colosseum, Pompeii, and galleries and gardens in Florence, have opened to domestic tourists over the past week.  

France is set to reopen restaurants, bars, and museums from May 19, while parts of Germany—Europe’s largest economy—are also considering gradual reopening.

On Wednesday, the IHS Markit Eurozone PMI Composite Output Index showed that growth of the Eurozone’s private sector economy expanded in April at the fastest pace since last July and the second best in over two and a half years.

“Optimism around the reopening of economies in Europe, along with the US has proved constructive for the oil market,” ING strategists Warren Patterson and Wenyu Yao said early on Wednesday.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:

Download The Free Oilprice App Today

Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News