Global prices for crude extended their rally, pushing above $75 a barrel for the first time since April 2019, as a rapid rebound from the Covid-19 pandemic across the world underpins increasing fuel consumption.
The international benchmark Brent rose 0.36% to $75.17 per barrel as of 6:32am GMT on Tuesday. West Texas Intermediate, which tracks US crude grades, grew by a modest 0.05% to $73.66 per barrel.
Brent oil has rallied more than 40% since the beginning of the year as the fuel demand outlook has been rapidly improving amid strong economic recoveries in the US, China and Europe.