Oil prices climbed above $70 a barrel for the first time since the start of the coronavirus crisis, after the U.S. Senate passed a $1.9 trillion economic stimulus package and a Yemeni group attacked Saudi Arabia’s oil industry.
Benchmark Brent climbed as high as $71.38 a barrel in early Asian trade, its highest since Jan. 8, 2020. By 1110 GMT, it was trading up 12 cents or 0.2% at $69.48, still hovering around its highest level in more than a year.
U.S. West Texas Intermediate (WTI) crude was up 14 cents or 0.2% at $66.23 after touching $67.98 a barrel, its highest since October 2018.
Brent and WTI prices have climbed for four consecutive sessions.