Oil prices have soared up to 13-months-high as the vaccine rollouts promised to revive the demand.
Oil prices have gained up around 5% last week.
The oil prices have rallied over recent weeks as the supplies tighten due to the production cuts from the OPEC and allied producers to OPEC.
Russian Deputy PM Alexander Novak said that the global oil market is on a recovery path and the oil prices could average $45-$60 per barrel this year.
“We’ve seen low volatility in the past few months. This means the market is balanced and the prices we are seeing today are in line with the market situation,” Novak said.
According to Reuters, Brent crude was up 77 cents, or 1.2%, at $63.20 a barrel at 0955 GMT, after climbing to a session high of $63.76, the highest since Jan. 22, 2020.
U.S. West Texas Intermediate (WTI) crude futures gained $1.04, or 1.8 %, to $60.51 a barrel. It touched $60.95 - its highest since Jan. 8 last year, earlier in the session, Reuters reported.
