Oil prices surge to 13-month high

Tuesday sees crude prices rise upon output reductions, with Brent going above USD 60 a barrel.

Photo: Jacob Ehrbahn

Oil prices increase Tuesday morning CET to the highest level in 13 months upon production cuts from major oil producers and hopes for a future fuel demand recovery.

A barrel of European reference oil Brent Tuesday morning costs USD 61.01 against USD 60.23 Monday afternoon. US counterpart West Texas Intermediate concurrently trades at USD 58.4 against USD 57.77.

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