The price of Brent crude oil with March delivery on ICE Futures Europe rose by $2.51, or 4.9%, to $53.60 per barrel on Tuesday, MarketWatch financial information website reports.
In turn, WTI crude oil with February delivery rose $2.31, or nearly 4.9%, to settle at $49.93 a barrel on the New York Mercantile Exchange (NYMEX) after trading as high as $50.20.
Prices for both WTI and Brent settled at their highest level since February 2020.
Oil prices are growing against the backdrop of decisions taken at the meeting of the OPEC+ countries. In particular, Saudi Arabia made a decision on an additional voluntary reduction in oil production by 1 million barrels per day in February - March 2021.
That means Saudi Arabia will carry a greater burden of the oil-output cuts in the next two months, as Russia and Kazakhstan are allowed to boost production by a combined 75,000 barrels a day, the MarketWatch said in the report.
The next meeting of the OPEC+ countries will take place in early March.