Crude oil prices extended the consolidation by rising to a 13-month high, supported by market optimism over the recovery in global fuel demand.
Brent methane futures jumped to pre-pandemic prices at 61.13 a barrel after recording a 0.70% increase in today's Asian session.
Meanwhile the US WTI crude benchmark rose higher at $ 58.47 with a 0.86% increase.
Both benchmarks are currently at their highest levels since January 2020.
Additional cuts in production by major producers, Saudi Arabia in February and March, as well as cuts by members of the Organization of the Petroleum Exporting Countries and its allies, OPEC +, have helped offset global crude oil markets.
Investors are also optimistic about the recovery in oil demand as the number of cases of coronavirus infection has shown a decline in many countries, especially in Europe.
Prospects for recovery also increased following market optimism over the launch of the Covid-19 vaccine.
Rising oil prices were also supported by weak greenback dollar trading, making the commodity cheaper.
