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U.S. crude oil hits above $70

The price of crude oil rose above $70 on Tuesday.
The price of crude oil rose above $70 on Tuesday.(CBS7)
Updated: Jun. 8, 2021 at 4:28 PM CDT
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ODESSA, Texas (KOSA) - U.S. crude oil prices hit above $70 per barrel twice this week.

The price per barrel crossed the $70 mark on Sunday -- a first in more than three years.

Then it closed at $70.05 on Tuesday.

That’s $110 higher than last year’s record low, when prices dipped into the negative territory as producers struggled to store their excess supplies.

The rebound is being driven by increased demand as more Americans get on the road for the summer.

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