The rally in commodities that some say is the start of a supercycle continued on Monday, buoying resource stocks.

The West Texas Intermediate contract CL.1, +1.80%, the leading benchmark for oil in the U.S., topped $60 a barrel for the first time since Jan. 2020. Other commodities including platinum PL00, +2.45% also advanced.

“The robust recovery in oil prices and industrial metals over the past couple of months is driving the idea of a new commodities supercycle in which prices remain above-trend for many years to come,” said Hussein Sayed, chief market strategist at FXTM.

Also read: The fifth commodity supercycle has started, says leading JPMorgan analyst

Up 12 of the last 15 weeks, the Stoxx Europe 600 SXXP, +0.96% rose 0.6% in morning trade, with gainers including miners Rio Tinto RIO, +3.35% and BHP Group, BHP, +3.78% and oil producer Total FP, +3.03%.

The Nikkei 225 NIK, +1.91% rose 1.9% in Tokyo to a fresh 30-year high, and the Kospi Composite 180721, +1.50% rose 1.5% in Seoul. The U.S. market is shut for the Presidents Day holiday, and markets in Hong Kong and China are closed for Lunar New Year. U.S. stock futures ES00, +0.46% YM00, +0.53%, which are trading electronically, advanced.

The rollout of vaccines and progress on the Biden administration’s proposed $1.9 trillion stimulus is helping to fuel moves in global asset markets this year, the so-called reflation trade. Last week, the yield on the 10-year Treasury TMUBMUSD10Y, 1.209% topped 1.20% for the first time in a year.

Vivendi VIV, +16.90% shares traded 18% higher in Paris after it said it would distribute 60% of subsidiary Universal Music Group’s share capital to shareholders and list the music label in Amsterdam by the end of the year. Investment group Bollore BOL, +12.86%, holds more than a quarter of Vivendi, gained 13%.

Lanxess LXS, +4.38% rose as much as 6% after agreeing to buy U.S.-based specialty-chemicals company Emerald Kalama Chemical for $1.04 billion from private-equity firm American Securities.

Other notable moves on Monday included the U.S. dollar falling back below 7 Turkish lira USDTRY, -0.87% for the first time since August. Turkey’s central bank more than doubled interest rates, to 17% from 8.25%, since September.