The price of oil has recovered to its pre-pandemic levels having hit an all-time low last year.
While demand for oil is still lower than normal, there are hopes of a speedier than expected economic recovery as vaccines are rolled out.
Oil prices are often seen as a barometer for economic activity, still struggling with the virus downturn.
“Black gold” has now reached $60 a barrel having risen more than 50% in the last few months.
Brent crude, the major benchmark for oil, has seen strong growth recently. Futures contracts, which are based on the price of future delivery, have jumped 59% since November.
West Texas Intermediate (WTI), the benchmark for US oil, last week rose above $55 a barrel for the first time in over a year.