As of 11:03 Moscow time (08:03 GMT), the price of April futures for Brent crude was rising 0.99 percent, up to $63.98 per barrel after reaching $64.03 mere seconds earlier.
The price of March futures for WTI crude was rising 0.82 percent, up to $60.52 per barrel.
In 2020, oil prices plummeted due to the low oil energy demand sparked by the economic downturn and the suspension of the majority of air traffic amid the outbreak of COVID-19. However, in 2021, it is expected to recover and grow by 5.9 million barrels a day year-on-year, according to the Organization of the Petroleum Exporting Countries' forecast.