Hong Kong
US oil prices rallied past $60 a barrel on Monday for the first time in more than a year, fuelled by concerns about supplies as Texas is hit by a severe cold snap that traders warn could slash output.
West Texas Intermediate surged 2.19 percent to $60.77 in Asian trade, its highest since January last year before the oil market collapsed as the coronavirus pandemic battered demand.
Crude has been rallying for months on the back of optimism over an expected recovery in the global economy, Joe Biden’s stimulus package, and hopes that slowing virus infection rates and vaccine rollouts will see a surge in demand as life gradually returns to a semblance of normality.
Brent broke the $60 marker last week, while both contracts have rallied more than 20 percent since the start of the year.—AFP
