Brent hits $60 as supply cuts and stimulus hopes boost prices

LONDON : Oil prices rose on Monday to their highest in just over a year, with Brent nudging past $60 a barrel, boosted by supply cuts among key producers and hopes for further US economic stimulus measures that can boost demand.

Brent was up 68 cents, or 1.2%, at $60.02 a barrel by 1442 GMT, while US West Texas Intermediate rose 68 cents, or 1.2%, to $57.53 a barrel.

“Managing to breach $60 again feels like the market is finally resurfacing after the long struggle and (taking) a proper breath,” said Rystad Energy’s vice president for oil markets Paola Rodriguez Masiu. “It offers a feeling of normality again.”