Oil hits highest in a year on growth hopes, OPEC+ cuts | Reuters
Oil hit its highest level in a year on Friday, closing in on $60 a barrel on economic revival hopes and supply curbs by producer group OPEC and its allies.
New orders for U.S.-made goods rose more than expected in December, pointing to continued strength in manufacturing. The U.S. Congress is also moving ahead on President Joe Biden’s COVID-19 relief plan.
Brent crude was up 63 cents, or 1.1%, at $59.47 by 1200 GMT after hitting its highest since Feb. 20 last year at $59.75. U.S. crude was up 54 cents, or 1%, at $56.77, after reaching $57.09, its highest since Jan. 22 last year.
“The conditions still remain supportive for oil markets,” said Jeffrey Halley, analyst at brokerage OANDA. “Oil should find plenty of willing buyers on any material dip.”
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