Oil climbs to 13-month highs on output cuts, demand recovery hopes | Reuters
Oil prices advanced on Tuesday to their highest in 13 months, as supply cuts by major producers and optimism over a recovery in fuel demand support energy markets.
Brent crude futures for April gained 50 cents, or 0.8%, to $61.06 a barrel by 0721 GMT. U.S. West Texas Intermediate crude (WTI) for March was at $58.37 a barrel, up 40 cents, or 0.7%.
Both Brent and WTI touched their highest since January 2020 earlier in the session. Front-month prices for both contracts were up for the seventh session on Tuesday, the longest winning streak since January 2019.
“Oil’s upward momentum remained undiminished on global recovery hopes,” said OANDA’s Jeffrey Halley.
Additional supply reductions by top exporter Saudi Arabia in February and March, on top of cuts by producers in the Organization of the Petroleum Exporting Countries and their allies, are tightening supplies and balancing global markets.
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