Brent crude extends gains, crosses $61

Oil prices rose on Tuesday to their highest level in 13 months supported by supply cuts by major producers and hopes of demand recovery.

International benchmark Brent crude was trading up 0.9% at $61.08 per barrel, at 9 am Makkah time.

WTI crude rose 0.8% to $58.45 a barrel.

“Progress on US stimulus and optimism around the roll-out and effect of vaccines across the remainder of 2021 and a slightly weaker USD help the view (for a recovery in fuel demand),” Reuters reported, citing Stephen Innes, chief global markets strategist at Axi.

Last month, Saudi Arabia offered voluntary cuts to its oil production by additional 1 million barrels per daily in February and March to help balance global markets.