Brent crude futures were primed for their biggest monthly rise since May 2009 on the back of upbeat demand that coincided with supply disruptions in big oil producing countries.
Ice April Brent rose $1.10 to $61.15 a barrel in afternoon trading yesterday. After seven months of losses, the international crude marker is up 15 per cent in February — the highest monthly rise in almost six years.
Its US counterpart, Nymex April West Texas Intermediate, rose $1 to $49.19 a barrel. It is also set for its first monthly gain since June with a 2 per cent rise.
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