The Globe News
Oil prices reached their highest price in almost 13 months on Monday, boosted by hopes that vaccines against Covid-19 will manage to control the coronavirus pandemic and demand will rise again.
The US barrel of WTI (US West Texas Intermediate) was trading higher at $60,67 per barrel, breaking above $60 for the first time in January 2020.
North Sea Brent crude was trading at $63.35 a barrel.
After a crash in the middle of last year, oil has been on an upward trend for months due to optimism about a recovery in the world economy and the prospect of President Joe Biden's new stimulus package in the US.
Confidence is supported by the hope of a return to some normality after a global decline in new coronavirus infections and vaccination campaigns, which could boost demand.
Oil prices rose around 5% last week on world markets. External source
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