Oil prices surged on Monday, with WTI crude rising 1.2% to $59.96 a barrel, while Brent oil gaining 1.4% to $63.78 a barrel, at around 06:45 AM GMT, after reports that oilfield crews in Texas may need several weeks to resume normal operations following last week’s deep freeze weather. At the same time, traders were upbeat following reports that about a third of the COVID-19 vaccine doses delayed by last week’s winter weather in the US have been delivered over the weekend. Oil markets were already basking in the glow of improved demand sentiment, which, along with OPEC-led output cuts, brought prices to pre-pandemic levels earlier this month. Traders now await the next OPEC+ meeting on March 4th where the cartel is expected to discuss April output quotas.
