American producers shut down between two and four million barrels per day of oil production due to the cold wave in Texas and other oil-producing states, which may have damaged facilities, so production may remain suspended for a longer period than expected..
Brent crude futures, the world benchmark, ended the trading session up $ 2.33, or 3.7 percent, to settle at $ 65.24 a barrel, while the US benchmark West Texas Intermediate crude futures closed up $ 2.25, or 3.8 percent, to $ 61.49 a barrel..
The expiration date for US crude contracts for March delivery on Monday. The most heavily traded April contracts rose $ 2.44, or 4.1 percent, to $ 61.70 a barrel.
OPEC + oil producers are due to meet on March 4, and sources say the group is likely to ease supply restrictions after April due to the price recovery, although any increase in production will likely be modest given the continuing uncertainty surrounding the Covid pandemic. -19.