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Oil hits 13-month high amid hopes for global economic recovery

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Crude prices extended gains to one-year highs on Monday, fueled by expectations of a strong rebound in demand. Investors hope that Covid-19 vaccine rollouts and government stimulus packages will power a rapid rebound this year.

International benchmark Brent was up more than one percent to above $63 a barrel, while US West Texas Intermediate (WTI) topped $60 a barrel for the first time since January 2020.“Hopes of increased demand in the coming months along with controlled supply has been positive for an oil price, which has risen by 22 percent in the year to date,” Richard Hunter, head of markets at Interactive Investor, …

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