Oil hits 13-month highs as market rebalances

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LONDON - Oil prices soared to their highest in about 13 months on Monday as vaccine rollouts promised to revive demand and producers kept supply reined in. Brent crude was up 70 cents, or 1.

1 percent, at $63.13 a barrel at 12:15 p.m. EST after hitting a session peak of $63.76, its highest since Jan. 22 last year.

Prices have rallied over recent weeks on tightening supplies, largely due to production cuts from the Organization of the Petroleum Exporting Countries and allied producers in the wider OPEC+ group of producers. "We've seen low volatility in the past few months. This means the market is balanced and the prices we are seeing today are in line with the market situation," Novak was quoted as saying.

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