A barrel of Brent oil passed the $ 70 mark for the first time since May 2019 on Monday. A barrel of crude oil from the North Sea rose 2.11 percent and now stands at $ 70.89.
The price hike follows a drone attack on Saudi oil installations on Sunday. Optimism about the economy also plays a role.
Last month, the $ 60 per barrel mark was crossed for the first time since the start of the corona pandemic.
During the low point of the corona crisis last year, much less oil was used because, for example, there was hardly any flying and people used the car much less because of working from home.
This resulted in an enormous oversupply, with the result that the oil price fell sharply and even turned negative for a while. Also, traders invested money in the sale of oil to get rid of it.
Several market experts have now revised their expectations for oil prices upwards in the coming months. They also believe that the oil demand will be more intense due to the recovery of the world economy from the corona crisis and the vaccinations against the virus outbreak.