US light, sweet crude oil future prices for the week ended Apr. 5 closed above $63/bbl on the New York market while Brent crude oil for June delivery settled above $70/bbl in London that day.

With this latest settlement, Brent breaks a psychological threshold, which analysts believe will encourage more oil investment. The oil price rally comes as the US summer driving season approaches and with it, rising fuel demand.

Barclays issued a research note saying its oil outlook “is mildly positive as we forecast output restrain and robust demand to buoy prices.”

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