2021.05.1810:24:00UTC+00Brent Oil Tops $70 On Reopening Optimism

Oil prices rose on Tuesday amid bets that energy demand will rise steadily following reopenings of the European and U.S. economies.

Brent crude futures for July settlement climbed 0.9 percent to $70.07 per barrel, trading above $70 for the first time since March 15. U.S. West Texas Intermediate (WTI) crude futures for June delivery were up 0.8 percent at $66.80.

New York State will no longer require masks in most public spaces for people fully vaccinated against COVID-19. Amid improved coronavirus case numbers, New Jersey is fully lifting its pandemic-related travel restrictions and quarantine requirements.

Germany has decided to allow vaccinated travelers or people who have recovered from the virus to skip testing and quarantine.

The French government is moving forward with its plans to almost completely end coronavirus restrictions by June 30.

Elsewhere, Britain's unemployment rate unexpectedly fell again, reinforcing market expectations that the economy will bounce back strongly, helped by its fast pace of vaccine rollout and plans to ease lockdown measures.

Limiting oil's upside is the prospect of a revival of Iran's nuclear deal that would allow the OPEC producer to fully restart exports.

COVID-19 cases seem to be falling in India, though the daily death count is still on the rise.

The American Petroleum Institute's weekly energy mark report will be out later in the day.