Brent crude futures for May rose $1.07, or 1.7%, to $65.49 per barrel by 0042 GMT. The April contract expired on Friday.
Crude stockpiles rose by 1 million barrels in the week to Feb. 19, the API reported on Tuesday, against estimates for a draw of 5.2 million barrels in a Reuters poll.
Shale oil producers in the southern United States could take at least two weeks to restart the more than 2 million barrels per day (bpd) of crude output that shut down because of cold weather
Brent crude was up 76 cents, or 1.2%, at $61.67 a barrel by 0104 GMT, after gaining nearly 1% last week. U.S. oil rose 74 cents, or 1.3%, to $59.98 a barrel, having fallen 0.4% last week.
Oil prices rose on Tuesday as a cold front shut wells and refineries in Texas, the biggest crude producing state in the United States, the world’s biggest oil producer.
Brent crude fell 35 cents, or 0.6%, to $61.12 a barrel, as of 0805 GMT, after touching its highest since January 2020 on Wednesday.
Brent crude futures gained 4 cents, or 0.1%, to $58.50 a barrel, by 0120 GMT. On Wednesday, Brent prices hit their highest since Feb. 21, 2020.
Brent crude for March was at $52.42 a barrel, up 62 cents or 1.2%, by 0348 GMT while U.S. West Texas Intermediate crude for February rose 55 cents, or 1.1%, to $49.07 a barrel
Brent crude futures for February rose 8 cents, or 0.2%, to $50.05 a barrel by 0137 GMT, while U.S. West Texas Intermediate crude futures for January were up 4 cents, or 0.1%, at $46.61 a barrel.