Oil Maintains Rally and Scores Best Gains in a Year

Oil prices continued to rise on Tuesday, reaching a new year-high level after declining earlier in the session.

The rally of crude prices is supported by the commitment of major producers, an alliance known as OPEC+, to output curbs.

In addition, hopes for economic recovery and the anticipation for a new stimulus package in the United States are providing support for oil prices.

Brent crude futures for April delivery closed higher by 53 cents, or 0.9%, at $61.09 per barrel, which the highest closing level for the global benchmark most active futures since January 2020.

This is the eighth consecutive daily rise for Brent futures, scoring its best rising streak in a year.

Similarly, the West Texas Intermediate (WTI) crude futures for March delivery rose by 39 cents, or 0.7%, to finish at $58.36 per barrel.

This is the seventh consecutive rise for the U.S. benchmark crude futures, which is the best rising streak in a little less than two years.