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Market Spotlight

Oil market bounces back from COVID depths on vaccine optimism

Further increases depend on OPEC+ countries' ability to maintain output cuts

RURIKA IMAHASHI, Nikkei staff writer | Middle East

TOKYO -- Ten months after turning negative for the first time in history, oil prices are floating up to their pre-COVID level, driven by vaccine optimism and oil producers' output cuts.

West Texas Intermediate reached $60 a barrel at one point this month, up 60% from October and the highest level since January 2020, before the novel coronavirus raced around the world and hammered economies.

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