Oil hits 13-month highs as market rebalances

Oil prices soared on Monday to their highest in about 13 months as vaccine roll-outs promised to revive demand and producers kept supply reined in.

Brent crude was up 77 cents, or 1.2%, at $63.20 a barrel, after climbing to a session high of $63.76, the highest since January 22, 2020. U.S. West Texas Intermediate (WTI) crude futures gained $1.04, or 1.8%, to $60.51 a barrel. It touched $60.95 — the highest since January 8 last year, earlier in the session. Oil prices gained around 5% last week.

Prices have rallied over recent weeks as supplies tighten, due largely to production cuts from the Organisation of the Petroleum Exporting Countries and allied producers in the group OPEC+. Russian Deputy PM Alexander Novak said the global oil market is on a recovery path and the oil price this year could average $45-$60 per barrel.

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