Oil has extended its rally for a ninth day, its longest winning streak in two years, supported by producer supply cuts and hopes that vaccine rollouts will drive a recovery in demand.

The American Petroleum Institute said crude inventories fell by 3.5 million barrels, versus expectations for a 985,000-barrel build.

According to Reuters, Brent crude was up 25 cents, or 0.4 per cent, at $61.34 by 1437 GMT after touching a 13-month high of $61.61 earlier in the session. US crude was up 8 cents, or 0.1pc, to $58.44, having touched $58.76, also a 13-month high.