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SINGAPORE- Oil prices rose on Tuesday, with Brent topping $70, as optimism grew over the fuel demand outlook during the summer driving season of the United States, the world’s top oil consumer.
Prices were also boosted after data from China showed that factory activity expanded at its fastest this year in May.
Brent crude futures for August gained 83 cents, or 1.2 percent, to $70.15 a barrel. US West Texas Intermediate crude CLc1 for July was at $67.61 a barrel, up $1.29, or nearly 2 percent from Friday’s close, with no settlement price for Monday due to a US public holiday.
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