Oil hits 13-month highs as market re-balances | Reuters

Oil hits 13-month highs as market re-balances | Reuters

Oil prices soared on Monday to their highest in about 13 months as vaccine rollouts promised to revive demand and producers kept supply reined in.

Brent crude was up 77 cents, or 1.2%, at $63.20 a barrel at 0955 GMT, after climbing to a session high of $63.76, the highest since Jan. 22, 2020.

U.S. West Texas Intermediate (WTI) crude futures gained $1.04, or 1.8 %, to $60.51 a barrel. It touched $60.95 - its highest since Jan. 8 last year, earlier in the session.

Oil prices gained around 5% last week.