Oil prices rose on Tuesday, with Brent hitting $71 and trading at its highest since March, as expectations grew for increased fuel demand during the summer driving season in the United States, the world’s top oil consumer. Prices were also boosted after data from China showed that factory activity grew at its fastest this year .
Stocks, oil and bond yields all climb as economic data improves.
June 1, 2021, 7:59 a.m. ETJune 1, 2021, 7:59 a.m. ET
Checking out homes for sale in London. Home prices across Britain have risen nearly 11 percent over the past year.Credit.Neil Hall/EPA, via Shutterstock
Stocks, commodities and bond yields all rose on Tuesday amid evidence of a strengthening global economic recovery. In the data, there are also signs that manufacturers are struggling to keep up with demand, which could increase inflationary pressures.
U.S. stock futures rose, with the S&P 500 set to open half a percentage point higher when markets begin trading after the long weekend. The yield on 10-year Treasury notes rose 2 basis points, or 0.02 percentage points, to 1.62 percent, the highest level in more than a week.
Brent hits highest since March on demand prospects
Encouraging factory activity data from China lends support
Reuters
June 01, 2021
Brent earlier hit a session peak of $71, the highest intra-day price since March 8. PHOTO: REUTERS
LONDON:
Oil prices rose on Tuesday, with Brent hitting $71 and trading at its highest since March, on expectations for growing fuel demand during the summer driving season in the United States.
Prices were also boosted by Chinese data showing that the country s factory activity grew at its fastest this year in May.
Brent crude futures for August gained $1.48, or 2.1%, to $70.80 a barrel by 1110 GMT. US West Texas Intermediate crude for July was at $68.19. That was up $1.87, or 2.8%, from Friday s close, with no settlement price for Monday because of a US public holiday.