Crude oil price hits 13-month high supported by supply cuts, demand optimism

SINGAPORE: Oil prices advanced on Tuesday to their highest in 13 months, as supply cuts by major producers and optimism over a recovery in fuel demand support energy markets.

Brent crude futures for April gained 50 cents, or 0.8%, to $61.06 a barrel by 0721 GMT. U.S. West Texas Intermediate crude (WTI) for March was at $58.37 a barrel, up 40 cents, or 0.7%.