The international oil benchmark, Brent crude, extended its rebound on Monday, hitting the $60 per barrel mark for the first since the extent of the COVID-19 pandemic became clear.

The further rise in oil prices comes amid optimism for a vaccine-led economic recovery and a commitment by the Organisation of the Petroleum Exporting Countries 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 as of 12.26 pm Nigerian time on Monday, its highest level since January 23, 2020, while the United States West Texas Intermediate rose by $0.68 to $57.53 per barrel.

OPEC and its Russia-led allies, a group called OPEC+, announced last week that there was “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.