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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