Brent strikes $60/bbl as supply cuts, stimulus hopes boost prices | Reuters
Oil prices rose on Monday to their highest in just over a year, with Brent futures nudging past $60 a barrel, boosted by supply cuts among key producers and hopes for further U.S. economic stimulus measures to boost demand.
Brent crude for April touched an intraday high of $60.06 a barrel, the highest since January last year. The front-month contract was at $59.90 by 0728 GMT, up 56 cents, or 0.9%.
U.S. West Texas Intermediate crude futures for March advanced 60 cents, or 1.1%, to $57.45 a barrel, the highest since January last year.
Saudi Arabia’s pledge of extra supply cuts in February and March on the back of reductions by other members of the Organization of the Petroleum Exporting Countries and its allies, including Russia, is helping to balance global markets and support prices.
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