Oil hits highest levels since Feb 2020

London: Oil prices extended gains on Thursday after the OPEC+ alliance of producers stuck to its reduced output policy and U.S. crude stocks fell, with optimism over a new US pandemic relief bill adding further price support. Brent crude futures gained 24 cents, or 0.41%, to $58.70 a barrel by 1346 GMT, having earlier hit their highest level since Feb. 21 last year at $59.04.

US West Texas Intermediate crude futures climbed 32 cents, or 0.57%, to $56.01 after reaching its highest settlement level in a year at $55.69. “Supporting factors outweigh negative developments at the moment," said PVM Oil Associates analyst Tamas Varga.