By Nneka Nwogwugwu
Brent oil prices have increased to $60 a barrel on Monday for the first time in more than a year.
Naturenews gathered that the increase has led to investors growing increasingly optimistic about demand as the global economy recovers from the coronavirus pandemic.
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The commodity climbed 1.26 percent to $60.19 a barrel, its highest since January last year and as asset markets rallied on the back of vaccine rollouts, slowing virus infections and hopes that President Joe Biden’s huge stimulus proposal will be passed by US lawmakers.
Crude has been on the rise for weeks as Biden pushes his $1.9 trillion rescue package, which includes big cash handouts and a hike in the minimum wage, AFP reports.
Treasury Secretary Janet Yellen said that if the spending package was passed in its entirety, U.S would get back to full employment next year.
