Oil prices jump on Covid-19 vaccine optimism, US stimulus package

Oil prices rose more than $1 on Monday, supported by optimism over COVID-19 vaccinations, a U.S. stimulus package and growing factory activity in Europe despite restrictions imposed to curb the coronavirus.

Brent crude was up $1.08 or 1.7% to $65.50 per barrel by 0959 GMT, and U.S. West Texas Intermediate (WTI) crude jumped $1.04 or 1.7% to $62.54 a barrel.

Both contracts finished February 18% higher.