Increase in vaccinations, revival in economic activity lift prices
Brent crude has risen for nine sessions in a row, its longest sustained period of gains since Jan 2019
Saudi Arabia is curbing supply in February and March prompting forecasts of supply deficit this year
Both contracts rose to their highest levels since January 2020
Vaccine rollout fuels hopes of easing of lockdowns, boosting oil demand
OPEC expects output reduction to keep market in deficit throughout 2021
Democrats’ advance toward Biden’s proposed $1.9tr coronavirus plan bolsters market
Both major crude oil contracts rose more than 2%
Benchmark index falls 137.09 points to settle at 46,248.45
Analyst expects Brent crude to hit $60 a barrel by mid-year