![FILE PHOTO: The sun sets behind a crude oil pump jack on a drill pad in the Permian Basin in Loving County, Texas, U.S. November 24, 2019. . REUTERS/Angus Mordant/File Photo](https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/DMB2AJ22PLUJUFJ3XSRP2GN7YU.jpg?smart=true&auth=b4b37338a4dee4dd06ab3e14198286ee2272bbae8c6ebab314497fc68af20dc4&width=400&height=225)
UBS sees a "moderate production response" from US shale in the second half of the year and a "stronger" one in 2022. Reuters
UBS sees a "moderate production response" from US shale in the second half of the year and a "stronger" one in 2022. Reuters
Brent trades above $45 for the first time in more than two months
The rally in crude prices comes amid higher supply from Libya