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Oil settles higher, with Brent crude above $60 for first time in over a year

Oil futures climbed on Monday (link), with global benchmark Brent crude settling above $60 a barrel for the first time since January of last year. Prices got a boost as hope for a recovery in the economy in the midst of the COVID-19 vaccine rollout and expectations for the passage of the latest U.S. stimulus package lifted prospects for energy demand. April Brent crude added $1.22, or 2.1%, to settle at $60.56 a barrel on ICE Futures Europe, the first front-month contract finish above $60 since Jan. 24, 2020, according to Dow Jones Market Data. March West Texas Intermediate crude rose $1.12, or 2%, to settle at $57.97 a barrel on the New York Mercantile Exchange, also the highest finish since January of last year.

-Myra P. Saefong; 415-439-6400; AskNewswires@dowjones.com

 

(END) Dow Jones Newswires

02-08-21 1450ET

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