Oil prices on rise, OPEC basket hits USD 60 pb

The annual rate of OPEC basket's prices reached 41.47 pb, OPEC monthly bulletin mentioned.

Brent blend crude oil went up remarkably above USD 60 pb for the first time since last

January 24, as well as West Texas Intermediate (WTI) crude oil futures' prices hiking to reach USD 58.40 a barrel.

Traders at the oil market indicate that such continuous rising in oil prices is related to the current optimistic atmosphere, following the distribution of Coronavirus (Covid-19) vaccinations.

Oil stakeholders are thus pinning high hopes on a forecast international economic recovery, and increasing demand on crude oil.

Another reason is the OPEC members countries, especially Saudi Arabia, lowering of production, specifically during the months of February and March.

The drop in US reserves of crude oil, and drop in dollar's price, a currency used to measure oil sales contributed to supporting the oil market's prices.