Oil rose, extending its rally for a ninth day, its longest winning streak in two years, supported by producer supply cuts and hopes vaccine rollouts will drive a recovery in demand

The commodity climbed 1.26 percent to $60.19 a barrel — its highest since January last year — as asset markets rallied on the back of vaccine rollouts and slowing virus infections

OPEC+ maintained its oil output policy as the price of crude hit its highest in almost a year, a sign that deep supply cuts are draining inventories despite an uncertain outlook for demand recovery

Brent crude oil prices fell as much as $1 per barrel, hit by renewed concerns about global fuel demand amid tough coronavirus lockdowns across the globe, as well as a stronger U.S. dollar

Brent crude climbed 44 cents, or 0.8%, to $54.82 a barrel by 1007 GMT, the highest since late February, and U.S. West Texas Intermediate (WTI) gained 36 cents, or 0.7%, to $51.19, also its highest level since late February

Oil prices rose, pushing Brent back above $50 a barrel, buoyed by hopes that a rollout of coronavirus vaccines will lift global fuel demand while a tanker explosion in Saudi Arabia jangled nerves in the market

Oil prices eased, but were set for a sixth week of gains as progress towards novel coronavirus vaccination programmes fed hopes that demand for fuel would rebound next year

Brent crude oil futures’ spreads in 2021 have narrowed significantly as demand from Asia has been strong and markets remained hopeful that OPEC and its allies could extend their output cuts

The U.S. bank cut its 2021 forecast for Brent to $55 per barrel from $59.4 per barrel previously and for the WTI price to $52.8 per barrel from $55.9 previously

Oil prices rose, with Brent topping $40 a barrel, after Joe Biden clinched the US presidency and buoyed risk appetite, offsetting worries about the impact on demand from the worsening coronavirus pandemic