Brent crosses $71, WTI at 2-year high

Oil prices rose more than 2% on Monday, pushing Brent above the $71-mark for the first time since the start of the coronavirus pandemic.

Brent crude was trading up 2.3% at $70.92 per barrel (bbl), at 9.05 am Makkah time. The international benchmark rose to $71.38/bbl earlier in the session.

West Texas Intermediate (WTI) crude was trading up 2.2% at $67.54/bbl, easing from early-session peak of $67.98/bbl – the highest since October 2018.

OPEC+ decided to maintain its production cuts in April, against speculation that the group would raise supply levels by at least 500,000 per day. Saudi Arabia, too, extended its 1 million barrels per day of voluntary cuts to April, after the initial period expired in March.

Meanwhile, the US Senate approved a fiscal stimulus package of $1.9 trillion.