Sina US Stock News, February 20, Beijing time, Bloomberg reported that oil prices rose above 62 US dollars/barrel for the first time in more than a week because oil-producing countries hinted that they would cooperate further to tighten supply until the end of the year.

New York futures rose as high as 1.4% on Monday; they rose 4.2% cumulatively last week.

OPEC Secretary General Mohammad Barkindo said in Nigeria on Monday that as OPEC and its allies joined hands to cut production, market rebalancing has gained great momentum.

UAE Energy Minister Suhail Al Mazrouei said OPEC, Russia and other oil producers are trying to institutionalize their cooperation.

“OPEC remains committed to continuing to tighten the market,” Phil Flynn, senior market analyst at Chicago Price Futures Group Inc., said on the phone. “OPEC's commitment, as well as a strong supply situation with demand, will give the market good support”.

WTI on the New York Mercantile Exchange rose 82 cents to $62.50 per barrel in March. Due to the US President's Day holiday, Monday trading will be settled on Tuesday, and the total trading volume is about 65% lower than the 100-day average.

On the London ICE European Futures Exchange, Brent rose 89 cents to $65.73 per barrel in April, and Brent - WTI premium of $3.31 in April.