US oil hits $70 for the first time in nearly three years

By: ABC57 Staff

Posted: Jun 6, 2021 10:42 PM EDT

Originally Published: 06 JUN 21 22:15 ET

By Matt Egan, CNN Business

(CNN) -- US oil prices hit $70 a barrel on Sunday for the first time in nearly three years.

The milestone underscores the dramatic rebound in energy prices after crude took an unprecedented dive below zero in April 2020.

West Texas Intermediate is now trading at a staggering $110 a barrel above that record low. The last time the US benchmark oil contract traded above $70 was October 2018.

The comeback has been driven by the recovery in demand for gasoline and jet fuel as the pandemic winds down and the economy races back to life. OPEC and Russia continue to restrain supply as well, though they plan to pump more in the coming months.

Meanwhile, Americans continue to pay more at the pump. The average gallon of regular gas fetched $3.05 on Sunday, up from $2.02 a year ago.