Oil prices hit a one-year high

Global oil prices jumped Friday to their highest in a year.

The price gains came amid growing hopes the U.S. will pass a massive economic stimulus plan, which would revive demand across the board, especially for refined products such as gasoline, diesel and jet fuel.

Demand hopes are also been fueled by the vaccine rollout. Traders are betting global oil consumption will pick up when vaccination levels get to a point where governments ease up on lock-down restrictions.

The global health crisis has kept people close to home, severely limiting the need to travel, sending oil demand into the dumps.

But even as vaccine hopes fuel talks of a rebound in energy use, OPEC doesn't expect oil consumption to return to pre-crisis levels until next year.

That's why the world's group of leading oil producing nation's has cut supply in order to keep a floor under prices.

OPEC and its allies, known as OPEC+, maintained their production cut at a meeting earlier this week.

The price of a barrel of oil is closing in on $60 a barrel - a high not seen since the health crisis began early last year.

Video Transcript

- Global oil prices jumped Friday to their highest in a year. The price gains came amid growing hopes the US will pass a massive economic stimulus plan, which could revive demand across the board, especially for refined products such as gasoline, diesel, and jet fuel. Demand hopes are also being fueled by the vaccine rollout. Traders are betting global oil consumption will pick up when vaccination levels get to a point where governments ease lockdown restrictions.

The global health crisis has kept people close to home, severely limiting the need to travel, sending oil demand into the dumps. But even as vaccine helps fuel talk of a rebound in energy use, OPEC doesn't expect oil consumption to return to pre-crisis levels until next year. That's why the world's group of leading oil producing nations has cut supply in order to keep a floor under prices. OPEC and its allies, known as OPEC Plus, maintained their production cut at a meeting earlier this week. The price of a barrel of oil is closing in on $60, a high not seen since the health crisis began early last year.