Oil prices rose, boosted by expectations that OPEC+ producers might decide against increasing output when they meet this week, while signs of progress in the coronavirus vaccine rollout in the United States gave further support.
Brent oil was up $1.28, or 2%, to $63.98 a barrel by 1050 GMT. U.S. West Texas Intermediate (WTI) crude rose $1.17, or 2%, to $60.92 a barrel.
Oil prices jumped after Reuters reported based on three sources that the Organization of the Petroleum Exporting Countries, Russia and their allies, a group known as OPEC+, are considering rolling over production cuts from March into April rather than raising output.
The group meets on Thursday. The market had been widely expecting OPEC+ to ease production cuts.
U.S. President Joe Biden said the United States would have enough COVID-19 vaccines for every American adult by the end of May, after Merck & Co agreed to make rival Johnson & Johnson's inoculation.
Biden said he hoped that the United States would be "back to normal" at this time next year and potentially sooner.
