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 49 cents, or 0.8%, at $63.40 a barrel by 1330 GMT, after gaining nearly 1% last week. U.S. oil rose 60 cents, or 1%, to $59.84 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.
