Oil prices rose on Monday, with Brent crude crossing the $60 mark, boosted by supply cuts from major producers and amid hopes for further US economic stimulus measures.
International benchmark Brent crude was trading up 0.9% at $59.89 per barrel, at 8.55 am Makkah time, after it rose to $60.06 earlier in the day.
WTI crude rose 1% to $57.42 a barrel.
“A weak US jobs report boosted hopes of further stimulus measures,” Reuters reported, citing ANZ analysts. Energy products and industrial metals benefited from an increased appetite for risk among investors, they added.
Stronger crude prices are, meanwhile, encouraging US producers to increase output, while the demand in Europe remains weak due to coronavirus restrictions.
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