Market optimism over the recovery of global demand has prompted black commodities to re -climb higher near a two -year high in Tuesday’s trading session.
Entering the European session, Brent crude futures traded higher around $ 69.60 a barrel, while US WTI crude traded higher at $ 66.40 a barrel.
Both benchmarks jumped more than 1% on Monday.
Black gold has jumped over 35% in 2021 as the prospect of improving fuel demand as progress in the launch of the Covid-19 vaccine spurred economic recovery in key countries and increased mobility.
U.S. airports recorded 1.85 million passengers on Sunday, the highest number since the start of the outbreak in early March 2020, according to Transportation Safety Administration data. This indicates a resurgence of domestic travel that will increase fuel demand.
Meanwhile in Europe, more businesses and easing of travel restrictions have been enforced by the UK. France and Spain have also begun easing restrictions, in line with accelerated vaccination rates.
However, due to the gloomy outlook in Asia, crude oil trade was prevented from continuing higher gains.
