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Brent Crude Oil Price Rises Above $70 Per Barrel

Brent crude futures rose above the $70 per barrel level on Monday for the first time since January 2020, following reports of attacks on oil facilities in eastern Saudi Arabia, including a Saudi Aramco facility at Ras Tanura vital to petroleum exports.

Oil prices were up for a fourth consecutive session after major oil producers decided to keep crude output unchanged in April, and OPEC leader Saudi Arabia said it would maintain its voluntary production cut of an additional 1 million bpd for another month.

Elsewhere, investors welcomed upbeat data showing China’s crude shipments in the first two months of 2021 were up 4.1% year-on-year, as well as the approval of a $1.9 trillion stimulus bill by the US Senate over the weekend.

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