Picture used for illustrative purpose. File

Gulf Today Report 

Oil prices advanced on Monday as US crude output slowly returns after the cut by frigid conditions.

Brent crude was up 76 cents, or 1.2%, at $61.67 a barrel by 01:04 GMT while US oil rose 74 cents, or 1.3%, to $59.98 a barrel, having fallen 0.4% last week.

According to Goldman Sachs analysts, "We now forecast that oil prices will rally sooner and higher, driven by lower expected inventories and higher marginal costs - at least in the short run - to restart upstream activity." 

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Based on analysts’ estimation, the weather conditions in Texas put a halt of up to 4 million barrels per day of crude production and 21 bullion cubic feet of natural gas output.

Oilfield crews will probably take several days to de-ice valves, restart systems and begin oil and gas output.

In a note, ANZ Research said, "with three-quarters of fracking crews standing down, the likelihood of a fast resumption is low."