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US Oil Prices Hit $70 a Barrel for the First Time in Three Years

US Oil Prices Reached a Milestone of USD 70 per barrel in the last three years.As per the trusted sources, Oil Prices in the US have reached USD 70 per Barrel on Sunday. This a record-breaking event in the last three years.

The prices have come down a little from the milestone that it had reached last week; it had last traded at around USD 69.30 per barrel. It still maintains the dramatic rise in energy prices after crude oil witnessed a downfall of below zero in April, the previous year.

US Oil Prices Hit $70 a Barrel for the First Time in Three YearsThe milestone of USD 70 is a staggering USD 110 per barrel above the low record. The last time when the Oil Prices witnessed such a rise of reaching USD 70 per Barrel was in October 2018.The dramatic rise in the prices is due to the rebound in demand for gasoline and jet fuel post the pandemic, as the economy is witnessing a sudden surge since the last few months. Russia and OPEC continue to restrain the supply; however, they plan to pump more over the coming months.

Jeffery Halley, a senior market analyst at Oanda for APAC region, noted a decline in the number of COVID-19 patients in India, along with the ongoing recovery in the US and Europe, which is ahead of their summer in supporting costs.However, Americans are paying a high price for gas on the pumps. The average gallon of gas was priced USD 3.05 on Sunday, which was USD 2.02 a year ago.

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