LONDON (Reuters) – Oil prices rose on Monday as the slow return of U.S. crude output cut by frigid conditions served as a reminder of the tight supply situation, just as demand recovers from the depths of the COVID-19 pandemic.
Brent crude was up 51 cents, or 0.8%, at $63.42 a barrel by 0945 GMT, after gaining nearly 1% last week. U.S. oil rose 45 cents, or 0.8%, to $59.69 a barrel, having fallen 0.4% last week.
Abnormally cold weather in Texas and the Plains states forced the shutdown of up to 4 million barrels per day (bpd) of crude production along with 21 billion cubic feet of natural gas output, analysts estimated.
