Brent crude trading above $60 per barrel for the first time in more than two years

Brent crude is trading above $60 per barrel for the first time in more than two years. Investors have remained bullish after news the Organization of the Petroleum Exporting Countries (OPEC) will continue to stick to production cuts.

Brent crude moved up seven cents to $60.51 per barrel, while the US West Texas Intermediate gained three cents, trading at $53.93.

"With strong compliance to OPEC's production curbs already supporting prices, comments from the Saudi Arabian Crown Prince that suggested the production cut agreement should be extended added to gains," ANZ bank said, as quoted by Reuters.

In December, OPEC, Russia and other major producers agreed to curb production by 1.8 million barrels per day (bpd) for six months from January 1 to support the market and push prices to $60 per barrel.

Last Thursday Saudi Arabia's Crown Prince Mohammad bin...