Oil futures continue to gain ground, and US crude and Brent rise a dollar a barrel

Sky News Channel reported, in breaking news to it a short while ago, that oil futures contracts continue to gain ground, and US crude and Brent are rising one dollar a barrel.

Earlier, oil futures rose 2 percent to their highest levels in more than a year, and Brent surpassed $ 60 a barrel, supported by cuts in supplies between major producers and hopes of more economic stimulus in the United States.

Brent crude futures, the world benchmark, rose $ 1.22, or 2.1 percent, to settle at $ 60.56 a barrel.

U.S. West Texas Intermediate crude futures rose $ 1.12, or 2 percent, to settle at $ 57.97 a barrel.