Oil prices traded near two-year highs on Tuesday, pushing Brent crude above $70 a barrel. Investors are expecting OPEC+ to confirm that they will continue to raise production only gradually over the coming two months, thereby implying no change in the their current policy, at a meeting on Tuesday.
Brent crude was trading around $70.81 per barrel at 05:33 E.T, up 2.15% on the day. This was the first time prices have risen above the $70 mark since March, when Brent briefly rose above $71. Oil futures last traded at these levels in 2019, well before the Covid-19 pandemic broke out. WTI futures were last trading at $68.17, up 2.79%.