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Oil hits $60, global economy reshapes after COVID-19 vaccine introduction

The international oil benchmark, Brent crude, extended its rebound on Monday, hitting the $60 per barrel mark for the first since the COVID-19 pandemic became a serious global health challenge.

The further rise in oil prices comes amid optimism for a COVID-19 vaccine-led global economic recovery and a commitment by the Organisation of the Petroleum Exporting Countries (OPEC) and its allies to restrain the supply of crude oil.

Brent, against which Nigeria’s oil is priced, increased by $0.76 to $60.10 per barrel, while the United States West Texas Intermediate rose by $0.68 to $57.53 per barrel.

The current upward surge in oil price comes at a time  OPEC and a group of non-OPEC member countries called OPEC+, announced high compliance among member states with agreements to limit supply to prop up prices.

Brent has risen by more than 17 per cent since December 31, 2020, when it closed at $51.22 per barrel.

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