Oil prices rose on Tuesday to their highest level in 13 months supported by supply cuts by major producers and hopes of demand recovery.

International benchmark Brent crude was trading up 0.9 percent at $61.08 per barrel, at 7 am Riyadh time.

WTI crude rose 0.8 percent to $58.44 a barrel.

“Progress on US stimulus and optimism around the roll-out and effect of vaccines across the remainder of 2021 and a slightly weaker USD help the view (for a recovery in fuel demand),” Reuters reported, citing Stephen Innes, chief global markets strategist at Axi.

However, Innes cautioned that both Brent and WTI are in overbought territory on technical charts.

Last month, Saudi Arabia offered voluntary cuts to its oil production by additional 1 million barrels per daily in February and March to help balance global markets.

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