Brent jumps above $60 for the first time since January 2020

Brent prices continued to rise as the US market opened on Monday, extending gains for the sixth straight day and jumped above $60 a barrel for the first time since January 2020, thanks to the OPEC-Plus collation's efforts to balance the market, and hopes about the US stimulus measures.

Brent crude rose 1.1% to the highest since January 2020 at $60.24 a barrel, after opening at $59.58, and hit a low of $59.52.

Brent crude futures rose 0.9% on Friday, in the fifth straight daily gain.

Oil prices gained 9% last week, thanks to signs of economic growth in the US, and improved fuel consumption in the world's largest consumer.

The meeting of OPEC-Plus Joint Ministerial Committee, which is held to review the global output cut agreement, concluded with an agreement to keep the current production levels unchanged until the end of March.

OPEC-Plus agreed on early December to increase output by 500,000 barrels per day starting from January 2021, and agreed to hold a monthly ministerial meeting to review the market situation and adjust production levels accordingly.

Saudi Arabia also announced a voluntary output cut of about one million barrels per day during February and March to balance the market.

US President Joe Biden administration is working with the Congress to push through extra stimulus to quickly overcome the pandemic impact.