Oil climbs over $1 on slow return of U.S. output

Oil prices rose by over $1 on Tuesday as U.S. output slowly rebounded from a deep freeze in Texas that shut down crude production last week.

U.S. shale oil producers said it could take up to two weeks to resume over 2 million bpd of crude output shut down by the extreme cold.

Brent crude rose 1.6%, or $1.06, at $65.30 per barrel after reaching a high of $66.38. U.S. crude gained 1.4%, or 81 cents, at $62.51 per barrel following a session high of $62.73. 

Both benchmarks rose over 1% after gaining almost 4% in the last session.

Wall Street bank experts forecast Brent prices to hit $70 in the second quarter and $75 in the third quarter. 

U.S. crude oil stocks and refined products likely dropped last week, according to a preliminary poll.