Brent Hits $60 on Supply Cuts And Stimulus Hopes

Oil prices rose to their highest levels in just over a year, with Brent crude futures exceeding $60 a barrel, supported by supply cuts from major producers and hopes for more US economic stimulus measures to support demand.

Brent crude for April delivery touched $60.06 a barrel, its peak since January of last year. The nearest-maturing contract was at $59.98, up 64 cents, or 1.1%.

US West Texas Intermediate crude futures for the month of March advanced 65 cents, or 1.1%, to $57.50, the highest level since January of last year.

Saudi Arabia pledged additional supply cuts in February and March over the cuts of other members of the Organization of the Petroleum Exporting Countries and its allies, which include Russia, which would help bring balance to global markets and support prices.