The price of Brent Crude and WTI increased sharply by 11.6% and 13.4% m-o-m in February, and by 11.3% and 17.4%, respectively, on a y-o-y basis.
Brent Crude oil price breached the $60/bbl mark after 13 months in February.
Oil prices have been on a rise due to restrained U.S. oil production and deployment of vaccination drives across economies, among other factors.
The y-o-y recovery denotes that crude oil prices have recovered from the initial pandemic days and are nearing the pre-COVID range.
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