Brent hit $ 66 on Tuesday, for the first time since January last year.
In fact, in ICE Futures, the cost of Brent crude increased by 1.20% and hit $ 66.02 per barrel. Now, it is trading at $ 66.38 per barrel.
At the same time, WTI jumped by 1.18%, reaching $ 62.68 per barrel.
Experts say the main reason for this increase is OPEC's production cuts, which totaled 1.425 million barrels per day. In addition, demand has risen amid hopes for global economic recovery and large-scale vaccination against COVID-19.
Aside from that, prices also jumped because of the slow production in the United States.
In that regard, experts are assuming that OPEC members, Saudi Arabia in particular, will insist on keeping oil production at the current level. The next meeting, in which members will discuss this, will take place on March 3-4.
Last week, oil rallied amid disruptions in production caused by the colder-than-normal weather in the US. Analysts say this phenomenon supported the oil market, since production took more time than usual.
In line with this, prices should continue increasing, as production will surely take a long time before returning to its usual rates.