Oil prices surge for seventh straight day of gains | Reuters

Oil prices surge for seventh straight day of gains | Reuters

Oil prices rose on Tuesday for their seventh straight session of gains, touching 13-month highs as investors kept betting that fuel demand will rise while OPEC and allied producers keep a lid on supply.

Brent settled up 53 cents, or 0.9%, to $61.06 a barrel. U.S. West Texas Intermediate crude (WTI) for March was at $58.36 a barrel, up 39 cents or 0.7%.

The session peaks for both benchmarks were the highest since January 2020.

“With Brent over $60, it’s been great psychologically ... and everyone is feeling bullish about stronger demand and global inventories in further decline,” said John Kilduff, partner at Again Capital LLC in New York.