Meet the top 5 oil producers 1:11
New York (CNN Business) -
U.S. oil prices hit $ 70 a barrel on Sunday, for the first time in nearly three years.
While prices have now drifted a bit from that milestone (West Texas Intermediate last traded at $ 69.30 a barrel), this still underscores the dramatic rebound in energy prices after the crude oil will fall below zero, something unprecedented, in April 2020.
The last time the US benchmark oil contract traded above $ 70 was in October 2018.
This comeback has been fueled by the recovery in demand for gasoline and jet fuel as the pandemic subsides and the economy comes back to life.
OPEC and Russia also continue to restrict crude supplies, although they plan to pump more in the coming months.
"An improvement in the number of COVID-19 cases in India and the ongoing recovery in the US and Europe before its summer are supporting prices," wrote Jeffrey Halley, Senior Market Analyst for Asia Pacific at Oanda, on a note on Monday.
"OPEC + is content to postpone tinkering with its production targets for now."
Meanwhile, Americans continue to pay more at the gas pump.
The average gallon of regular fuel hit $ 3.05 on Sunday, up from $ 2.02 a year ago.
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Brent crude futures have also risen dramatically in recent months.
The global benchmark index last reached $ 71.49 and is trading at its highest levels since May 2019.
Oil prices