Brent crude rises 2% to close above $70

12/03/2025 Argaam

Brent crude rises 2% to close above $70

Oil drilling rigs

Oil prices extended gains today, March 12, as investors assessed US inventory data, which showed increased demand over the past week.

 

Brent crude futures for May delivery rose 2%, or $1.39, to close at $70.95 per barrel.

 

US WTI crude futures for April delivery gained 2.15%, or $1.43, to $67.68 a barrel.

 

Data from the Energy Information Administration (EIA) revealed that US crude inventories rose by 1.4 million barrels during the week ended March 7, but inventories at the Cushing delivery center—the largest storage center in the US—declined by 1.2 million barrels.

 

The EIA’s weekly report showed that oil demand—measured by finished products supplied to the market—rose by more than 1 million barrels to 21.6 million barrels per day.

 

This comes after OPEC, in its monthly report today, affirmed its forecast for global oil demand growth at 1.4 million barrels per day in both 2025 and 2026.

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