Oil prices rose on Monday to their highest in just over a year, with Brent nearing $60 a barrel while WTI crude standing at $57 a barrel at around 06:30 AM GMT, amid hopes that new US stimulus plans will boost global crude demand.
Also, the gradual rollout of vaccines worldwide continued to support sentiment. In China, the world’s largest oil importer, health authorities have approved on Saturday Sinovac’s COVID-19 vaccine for general public use.
Meanwhile, the mainland reported Sunday no new local virus infection for the first time in nearly two months.
Supporting prices further were commitments from major oil producers to curb output.