Oil was little changed as investors weighed talks of higher Iranian supply against the prospect of a continued recovery in demand.

Oil advanced to the highest intraday level in more than a month as a combination of declining U.S. petroleum product supplies and signs of stronger demand buttressed expectations for a revival in global consumption.

Texas’ refining complex is mostly back from February’s crippling cold blast, but lingering freeze-related issues continue to plague a number of production units.

Oil rose after the OPEC+ alliance agreed to increase oil production gradually over the next three months.

Oil climbed to the highest in almost two weeks as traders looked ahead to this week’s OPEC+ meeting with speculation that renewed demand concerns will spur the group to keep production in check.

Total U.S. oil production has plunged by close to 40% — the most ever — as an unprecedented cold blast freezes well operations across the central U.S., according to traders and industry executives with direct knowledge of the operations.

U.S. oil production has plunged by more than 2 million barrels a day as the coldest weather in 30 years brings havoc to key producing states that rarely have to deal with frigid Arctic blasts.

Oil ended a choppy session lower with worsening global coronavirus outbreaks accentuating concerns over a demand rebound.

Saudi Arabia’s oil production cuts have hit the tanker market so hard that owners of the biggest vessels are effectively subsidizing cargo deliveries on the industry’s main trade route.

Oil slid by the most in three weeks as a stronger dollar and weak U.S. economic data stoked concerns over an economic rebound.