"The market's probably right to think at this price level and given what the fundamentals are doing, there'll be more supply coming into the market over time."
"It is hard not to be bullish with oil prices now that the deep freeze disruption practically guarantees the summer pickup in crude demand will erase whatever supply glut is left," said Edward Moya, senior market analyst at OANDA in New York.
On the daily chart, oil failed to break a trendline passing through the peaks of the April 25, 2019 high of $75.60 and the Jan. 8, 2020 high of $71.75.
Brent crude was up 35 cents, or 0.5%, at $64.69 a barrel.
US West Texas Intermediate (WTI) crude futures gained 48 cents, or 0.8%, to $61.62 a barrel, after earlier rising to $62.26, the highest since Jan. 8, 2020.