Oil hits 13-month high as market rebalances

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Tue, 2021-02-16 01:14

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

Brent crude was up 93 cents, or 1.5 percent, at $63.36 a barrel after hitting a session peak of $63.76, its highest since Jan. 22 last year.

US West Texas Intermediate (WTI) crude futures gained 86 cents, or 1.5 percent, to $60.33 after touching $60.95, its highest since Jan. 8 last year.

Oil prices gained about 5 percent last week.

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