Oil in New York climbed to a new 10-month high as the dollar declined, increasing the appeal of commodities priced in the currency.
Futures rose 1.5% to above $53 a barrel, to the highest since February 2020. Prices have climbed in recent days after promises of unilateral output cuts from Saudi Arabia spurred a further rally.
Oil has surged more than 45% since the end of October, boosted by Covid-19 vaccine breakthroughs and commitments from OPEC and its allies to curb oil output.
President Energy plc (LON:PPC) is an independent oil and gas company focusing primarily on high margin production opportunities in Latin America.