Oil prices rose on Monday, with Brent futures nearing $60 a barrel, boosted by supply cuts among key producers and hopes for further U.S. economic stimulus measures.

Brent crude for April touched a high of $59.95 a barrel and was at $59.91 by 0431 GMT, up 57 cents, or 1%. Front-month prices last hit $60 on February 20, 2020. Saudi Arabia’s pledge of extra supply cuts in February and March on the back of reductions by other members of the Organization of the Petroleum Exporting Countries and its allies is helping to support prices.

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