NEW YORK: Oil prices gained about 3% on Monday on the slow return of U.S. crude output cut by abnormally frigid conditions and as an approaching meeting by top global producers is expected to keep production largely reined in.
Brent crude was up $1.65, or 2.6%, at $64.56 a barrel by 12:07 p.m. (1707 GMT) U.S. oil rose $1.80, or 3%, to $61.04 a barrel.
A deep freeze in Texas and the U.S. Midwestern 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.
