Crude oil prices touch 13-month high at US$60

Oil prices edged up on Tuesday to their highest in 13 months as supply cuts by major producers and optimism over fuel demand recovery support energy markets, Reuters reports.

Brent crude futures for April gained 29 US cents, or 0.5 percent, to US$60.85 a barrel U.S. West Texas Intermediate crude (WTI) for March was at US$58.25 a barrel, up 28 US cents, or 0.5 percent.

Both Brent and WTI are at their highest since January 2020. Front-month prices for both contracts are up for the seventh session on Tuesday, the longest win streak since January 2019.