OPEC+ oil producers are likely to ease curbs on supply after April given a recovery in prices. PHOTO: REUTERSOil prices rose on Monday as the slow return of US 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 $0.51, or 0.8%, at $63.42 a barrel by 0945 GMT, after gaining nearly 1% last week. US oil rose $0.45, or 0.8%, to $59.69 a barrel, having fallen 0.4% last week. Oilfield crews will probably take several days to de-ice valves, restart systems and begin oil and gas output.

Source: The Express Tribune February 22, 2021 14:26 UTC