Oil prices touch multi-month highs as OPEC+ expected to cap output
Oil prices touched multi-month highs on Monday on expectations OPEC and allied producers may cap output at current levels in February and on hopes that coronavirus vaccines may help curb the spread of the virus and drive a strong economic rebound in the new year.
Prices rose in line with broader financial markets with Brent crude futures reaching $53.33 a barrel, the highest since March 2020. U.S. West Texas Intermediate (WTI) crude touched $49.83 a barrel, the highest since February 2020.
March Brent crude futures were at $52.41 a barrel, up 61 cents, or 1.2%, by 0944 GMT and February WTI crude futures rose 35 cents, or 0.7%, to $48.87 a barrel.
