Black gold prices continued to rise higher at the opening of trading earlier in the week with a commitment to cut supply by major producing countries and optimism over the US stimulus package has supported market confidence for demand.
Brent crude traded higher at $ 59.95 a barrel after registering a 0.6% increase today.
While the crude oil benchmark, the US WTI continued to climb by more than 1% at $ 57.45 a barrel, the highest since January 2020.
Weaknesses in US employment data, published last weekend, have boosted market expectations for further fiscal stimulus measures to be implemented immediately.
Treasury Secretary Janet Yellen says America could return to full employment targets by 2022 if it implements a strong enough stimulus package.
Following that, Democrats are now working harder to launch $ 1.9 trillion in coronavirus aid despite not getting support from Republicans.
Meanwhile, Saudi Arabia's promise to implement additional production cuts in February and March following cuts by other members of the Organization of Petroleum Exporting Countries and its allies, including Russia, OPEC +, has also helped balance the global market.
Rising crude oil prices seem to have calmed down as most countries began to show declines in cases of coronavirus infection and death, especially in Europe.
