Oil Prices Close at Highest Level in a Year

Oil prices scored high gains on Tuesday, supported by the commitment of major producers to output curbs.

Members of the Organization of the Petroleum Exporting Countries (OPEC) and other major producers, an alliance known as OPEC+ agreed last month on extending the output cuts during February, with Saudi Arabia vowing to unilaterally cut production to help restore market balance amid the Coronavirus pandemic.

Brent crude futures for April delivery rose by $1.11, or 2%, to close at $57.46 per barrel.

This is the highest closing level for the global benchmark most active contracts since late February 2020.

Meanwhile, the West Texas Intermediate (WTI) crude futures for March delivery gained $1.21, or 2.3%, to finish at $54.76 per barrel, its highest since January of last year.