Oil prices hit 13-month high with demand optimism

Oil prices on Monday jumped to their highest level in 13 months with increasing hopes of a speedier oil demand recovery, with rising tensions in the Middle East and optimism over the $1.9 trillion US stimulus check.

International benchmark Brent crude was trading at $63.51 per barrel at 0702 GMT with a 1.72% increase after closing Friday at $62.43 a barrel. This is the highest price since Jan. 22 when it was trading at $64.58.

Reaching its highest level since Jan. 8 when it traded at $65.65, American benchmark West Texas Intermediate (WTI) increased by 2.15% to $60.75 per barrel at the same time relative to end-of-day trading at $59.47 a barrel during the previous session.

Valeura Energy Inc (LON:VLU) is an upstream oil & gas company, with a clear strategy to add value for shareholders. The Company has a strong balance sheet positioning it for potential inorganic growth opportunities in the near/medium-term, and substantial longer-term upside potential through an operated deep, tight gas play.

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