Oil prices soar to their highest in 13 months as market rebalances

LONDON (Reuters) – Oil prices soared to their highest in about 13 months on Monday as vaccine rollouts promised to revive demand and producers kept supply reined in.

Brent crude was up 70 cents, or 1.1%, at $63.13 a barrel at 12:15 p.m. EST (1715 GMT) after hitting a session peak of $63.76, its highest since Jan. 22 last year.

U.S. West Texas Intermediate (WTI) crude futures gained 63 cents, or 1.1%, at $60.10 after touching $60.95, the highest since Jan. 8 last year.