London — Oil prices touched multi-month highs on Monday on expectations that oil cartel Opec and allied producers, including Russia (Opec+), may cap output at current levels in February; and on hopes that coronavirus vaccines may help curb the spread of the virus and drive a strong economic rebound in the new year.

Prices rose in line with broader financial markets with Brent crude futures reaching $53.33 a barrel, the highest since March 2020. US West Texas Intermediate (WTI) crude touched $49.83 a barrel, the highest since February 2020...

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