Crude oil price rises above $61

The international oil benchmark, Brent crude, rose further on Tuesday, trading above $61 per barrel.

Brent had hit the $60 per barrel mark on Monday for the first in more than a year.

The further rise in oil prices comes amid optimism for a vaccine-led economic recovery and a commitment by the Organisation of the Petroleum Exporting Countries and its allies to restrain the supply of crude oil.

Brent, against which Nigeria’s oil is priced, increased by $0.53 to $61.09 per barrel as of 8:50 pm Nigerian time on Tuesday, while the United States West Texas Intermediate rose by $0.39 to $58.36 per barrel.

OPEC and its Russia-led allies, a group called OPEC+, announced last week that there was ‘high compliance’ among member states with agreements to limit supply to prop up prices.

Brent has risen by more than 18 per cent since December 31, 2020, when it closed at $51.22 per barrel.