Oil prices are touching their highest level in several months

Oil prices touched their highest level in several months today, thanks to expectations that "OPEC" and allied producers may restrict production at current levels in February, as the "Corona" pandemic keeps concerns about demand in the first half high.

Prices rose in line with the financial markets in general, while Brent crude reached $ 53.17 per barrel, its highest level since March 2020.

West Texas Intermediate crude touched $ 49.71, its highest level since February 2020.

Brent crude futures for March delivery reached $ 52.97 a barrel, up $ 1.17, or 2.3%, by 0617 GMT, while US West Texas Intermediate crude futures rose $ 1, or 2.1%, to $ 49.52 a barrel.

Virendra Chauhan, analyst at Energy Aspects, said, "The broader overall momentum trends, especially the weakening dollar and investor preparedness for a recovery in the oil sector this year, may provide support for oil prices."

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