Brent crude oil rises back to $60 per barrel

London: Benchmark oil contract Brent North Sea crude climbed back to $60 per barrel on Wednesday, with OPEC cutting output and on easing concerns over weak demand growth.

Around 0940 GMT, Brent crude for delivery in March hit 60 for the first time in 3.5 weeks and was up 20 percent compared with two weeks ago, prior to an oil production cut by the Organization of the Petroleum Exporting Countries and non-cartel producers from January 1.

After reaching 60.05, Brent cooled slightly to 59.79, up 1.07 from Tuesday's close.

Brent and the world's other key contract, WTI, slumped late last year, hitting 18-month low points at 49.93 and 42.36 per barrel respectively.

WTI for February delivery was up 1.23 Wednesday to 51.01 per barrel. OPEC — a cartel of producer countries that has long manipulated output of the commodity, to influence global prices in members' favour - and non-OPEC members, notably Russia, in December agreed to trim production by 1.2 million barrels a day from the start of this year to shore up sagging prices.