Oil prices edge up as US cold snap continues

Oil prices rose on Wednesday even as cold front in Texas, US, hampered crude production in the state.

OPEC+ oil producers are likely to ease curbs on supply after April given a recovery in prices, Reuters reported, citing OPEC+ sources, although any increase in output will be modest due to the continued concerns over the pandemic.

The OPEC+ group will meet to set policy on March 4.

Meanwhile, the US oil production fell by more than 3.5 million barrels per day, the largest ever decline, due to the cold wave, Bloomberg reported, citing sources familiar with the matter.

In terms of trading, international benchmark Brent crude was trading up 0.2% at $63.50 per barrel, at 9 am Makkah time.

WTI crude rose 0.1% to $60.11 a barrel.