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The price of a barrel of oil rose 1.26% to $ 60.19. The rise comes at a time when markets have rebounded amid vaccine launches, the rate of spread of coronavirus infection has slowed, and hopes associated with U.S. lawmakers’ approval of the massive package of the drug. President Joe Biden to stimulate the economy.
Crude has been on the rise for weeks, as Biden pushed to pass his $ 1.9 trillion economic bailout, which includes large sums of money and a minimum wage hike.
US Treasury Secretary Janet Yellen said if the entire package is approved “we will return to full employment next year”.
Data on the transmission rate gives an extra dose of hope, at a time when last week saw the lowest infection rate since October, as governments began to organize vaccination programs.
Earlier Monday, Brent for April delivery hit $ 60.06 a barrel, its peak since January of last year.
The closest contract to expire was $ 59.98 at 5:37 am GMT, up 64 cents, or 1.1%.
US West Texas Intermediate crude futures for March rose 65 cents, or 1.1 percent, to $ 57.50, the highest level since January of last year.
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