Published February 10, 2021
‘ Femi Asu
The international oil benchmark , Brent crude, rose further on Tuesday , trading above $ 61 per barrel .
Brent had hit the $ 60 per barrel mark on Monday for the first in more than a year .
The further rise in oil prices comes amid optimism for a vaccine- led economic recovery and a commitment by the Organisation of the Petroleum Exporting Countries and its allies to restrain the supply of crude oil .
Brent, against which Nigeria ’s oil is priced , increased by $ 0 .53 to $ 61 .09 per barrel as of 8 : 50 pm Nigerian time on Tuesday , while the United States West Texas Intermediate rose by $ 0 .39 to $ 58 .36 per barrel .
OPEC and its Russia-led allies , a group called OPEC + , announced last week that there was ‘ high compliance ’ among member states with agreements to limit supply to prop up prices .
Brent has risen by more than 18 per cent since December 31 , 2020 , when it closed at $ 51 .22 per barrel .