Brent returns above $63, US crude turns higher

Oil prices saw mixed performance on Tuesday, as the US dollar rose against most of its peers, but the US crude turned higher after falling earlier today.

A deep freeze hit the east coast and the Gulf of Mexico in the US, which disrupted several oil and natural gas rigs in the region.

The market is still being lifted by Saudi Arabia’s decision last January to cut its oil output by 1 million barrels per day during February and March.

The dollar index rose against a basket of major currencies by 0.1% to 90.5 points as of 17:53 GMT, after hitting a high of 90.6 points and a low of 90.1 points.

As of 17:48 GMT, WTI crude March futures rose 0.8% to $59.9 a barrel, after hitting a high of $60.3 and a low of $59.3.

Brent April futures fell less than 0.1% to $63.2 a barrel, after hitting a high of $63.7 and a low of $62.6.