Brent oil exceeds $62

Brent oil exceeds $62

Brent crude contracts for March delivery were marked 61 cents higher from their Thursday close in New York and changing hands at $62.29 per barrel, the highest since late November.

WTI contracts for February were marked 58 cents higher at $53.17 per barrel, the highest since December 4, the Street reported.

WTI crude futures have risen nearly 25% since hitting a multi-year low of $42.53 on December 24 as OPEC's 1.2 million barrels per day in production cuts appear to have offset the continued surge in U.S. output, which hit a record 11.7 million barrels per day last week.

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