9th February, 2021
Oil prices edged higher on Tuesday as supply cuts by major producers and optimism over fuel demand recovery support energy markets.
Brent crude futures for April gained 48 cents, or 0.8%, to $61.04 a barrel by 0443 GMT. U.S. West Texas Intermediate crude (WTI) for March was at $58.42 a barrel, up 45 cents, or 0.8%.
Both Brent and WTI are at their highest since January 2020.
Front-month prices for both contracts are up for the seventh session on Tuesday, the longest win streak since January 2019.
Additional supply reductions by top exporter Saudi Arabia in February and March, on top of cuts by producers in the Organization of the Petroleum Exporting Countries and their allies, are tightening supplies and balancing global markets.
Investors are also pinning hopes on oil demand recovery when COVID-19 vaccines take effect. A weak dollar has also helped shore up prices of commodities.