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Oil continues to rise, recording $ 61 a barrel

Oil futures rose 2 percent to their highest levels in more than a year, and Brent surpassed the level of $ 61 a barrel, supported by supply cuts between major producers and hopes for more economic stimulus in the United States.

Brent crude futures, the world benchmark, rose $ 1.22, or 2.1 percent, to settle at $ 61.18 a barrel.

U.S. West Texas Intermediate crude futures rose $ 1.12, or 2 percent, to settle at $ 58.97 a barrel.

Both benchmarks hit their highest levels since January 2020.

Brent and US crude have jumped more than 60 percent since the beginning of November, supported by optimism about the distribution of anti-virus vaccines, as well as production cuts by members of the OPEC + group.

Investors are watching a $ 1.9 trillion aid package to mitigate the repercussions of the Covid-19 pandemic in the United States, which is expected to be approved this month.

Oil prices were also supported by dwindling hopes that Iranian oil exports would soon return to the market after US President Joe Biden said that the United States would not lift sanctions on Iran just to bring it back to the negotiating table. Source