Oil Prices Score Strong Gains as Winter Storm Impact Continues

Oil prices rose on Monday, reaching their highest level in about a year, with anticipation for the return of crude production and refining capacities in Texas, the United States, following the recent winter storms.

Production recovery is reportedly expected to take a time longer than previously estimated.

Brent crude futures for May delivery closed higher by $2.22, or 3.6%, at $64.36 per barrel.

Meanwhile, the West Texas Intermediate (WTI) crude futures for April delivery gained $2.44, or 4.1%, to finish at $61.70 per barrel.

This is the highest closing level for the most active oil contracts since January 2020.

Markets are still awaiting the outcomes of the upcoming OPEC+ meeting to decide on production policies.

Last week, Brent futures registered a small weekly rise of 0.8%, while WTI futures saw a weekly loss of 0.4%.