Crude oil price hits 3-month high

Singapore, June 1 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 US. Prices were also boosted by Chinese data...

Tribune Web Desk

Updated At : 12:57 PM Jun 02, 2021 IST

Singapore, June 1

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 US.

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. — Reuters