Brent hits $60 as supply cuts and stimulus hopes boost prices | Reuters
Oil prices rose on Monday to their highest in just over a year, with Brent nudging past $60 a barrel, boosted by supply cuts among key producers and hopes for further U.S. economic stimulus measures that can boost demand.
Brent was up 69 cents, or 1.2%, at $60.03 a barrel by 1218 GMT, and U.S. West Texas Intermediate rose 64 cents, or 1.1%, to $57.49 a barrel.
Both contracts were at their highest levels since January 2020.
“Oil prices are back close to pre-pandemic levels,” said Norbert Rücker, analyst at Swiss bank Julius Baer.
“Support seems robust and the narrative sees the oil market swiftly burning through the remaining crisis-surplus, potentially running into tightness later this year,” he added.
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