# Oil nears $70 a barrel lifted by brighter demand outlook | OPEC News | Al Jazeera

> Brent crude traded near $70 a barrel on Monday, with Brent settling up 0.9% at $69.32 and WTI rising about 0.9%. Both benchmarks were set for a second monthly gain as trading was thin during US and UK holidays.

- Date: 2021-05-31 · published 2021-05-31T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/47261-oil-nears-70-a-barrel-lifted-by-brighter-demand-outlook-opec-news-al-jazeera
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Expectations that oil demand will outpace supply, despite possible returning Iranian barrels, support crude prices. Higher crude lifts diesel and energy costs for feed logistics and processing.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Sources

- aljazeera.com: https://www.aljazeera.com/economy/2021/5/31/oil-nears-70-a-barrel-lifted-by-brighter-outlook-for-demand

---
Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.