Oil rises to the highest level in a year supported by US growth and supply constraints

Brent crude futures rose to $ 59.12 a barrel.

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Oil prices rose yesterday, to their highest levels in a year, to continue recording strong gains, thanks to indications of economic growth in the United States and the continued commitment of producers to curb crude supplies.

Brent crude futures rose 28 cents, or 0.5%, to $ 59.12 a barrel, after reaching a high of $ 59.41, the highest since February 20 of last year.

Brent went on a 6% rise in the past week.

And US West Texas Intermediate crude futures increased 29 cents, or 0.5%, to $ 56.52 a barrel, after touching the high of $ 56.84, the highest since January 22 of last year.

The benchmark crude headed for an 8% weekly gain.

"Increased confidence in the improvement of the economy and the imminent recovery of oil demand, are two major incentives for crude," said Vanda Insights, an energy analyst.

"At the present time, the simultaneous scarcity of supplies due to additional Saudi cuts is enhancing the favorable atmosphere," she added.

It may be (Brent) on his way towards the important level of $ 60 ».

The markets were encouraged by stronger than expected orders for US goods in December, indicating the strength of the manufacturing sector, and hopes for a quick approval by lawmakers of a plan to mitigate the repercussions of Corona proposed by US President Joe Biden, worth 1.9 trillion dollars.

"Compliance (OPEC Plus) is really positive," said Michael McCarthy, chief market strategist at CMC Markets, referring to the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia.

Last week, the coalition confirmed its support for major supply cuts, which contributed to reducing swollen global oil inventories.

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