Oil prices rose on Monday to their highest in just over a year, with Brent futures nudging past $60 a barrel, boosted by supply cuts among key producers and hopes for further U.S. economic stimulus measures to boost demand.

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British wholesale gas prices rose on Friday, as forecasts for colder temperatures boosted demand for gas for heating.

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Oil hit its highest level in a year above $59 a barrel on Friday supported by hopes of a quicker economic revival and supply curbs by OPEC and its allies.

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Oil prices extended gains on Thursday after the OPEC+ alliance of major producers stuck to a reduced output policy, and as crude stockpiles in the United States fell to their lowest levels since March last year.

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Oil prices rose on Wednesday after hitting their highest in about a year in the previous session, boosted by an unexpected draw in U.S. crude and gasoline stocks, fuelling demand recovery hopes as OPEC+ forecasts the market will be in deficit in 2021.

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Oil prices rose around 1% on Tuesday after major crude producers showed they were reining in output roughly in line with their commitments, extending gains for a market thrown out of kilter by weak demand during the coronavirus pandemic.

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British and Dutch wholesale gas prices fell on Monday morning as forecasts for slightly higher temperatures reduced demand and higher liquefied natural gas send-out boosted supplies.

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Oil prices rose on Monday after a weak start, adding to the gains of the last three months, although patchy coronavirus vaccine rollouts, new infections and the discovery of new variants are casting a shadow over the demand outlook.

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