Oil prices touched multi-month highs on Monday on expectations that OPEC and allied producers may cap output at current levels in February as the coronavirus pandemic keeps worries about first-half demand elevated.
Prices rose in line with broader financial markets with Brent crude futures reaching $53.17 a barrel, the highest since March 2020. U.S. West Texas Intermediate crude touched $49.71 a barrel, the highest since February 2020.
March Brent crude futures were at $52.94 a barrel, up $1.14 or 2.2%, by 0736 GMT while February WTI crude futures rose 98 cents, or 2%, to $49.50 a barrel.
Broader macro momentum trends including a weaker dollar and investors positioning for a recovery in the oil sector this year could support oil prices, Energy Aspects analyst Virendra Chauhan said.