Oil prices are getting more expensive! - Kakiforex.com - Financial Market Media No. 1 in the World Oil prices are getting more expensive! Oil prices are getting more expensive!

February 23, 2021

Oil prices are getting more expensive!

 Oil prices soared to more than $ 1 on Tuesday, as U.S. crude oil production returned slowly after the closure of a Texas plant due to extreme cold last week.


Shale oil production in the southern United States takes at least two weeks to resume production due to frozen pipes and power outages delaying their recovery.


Brent crude futures rose 1.6% to $ 65.30 a barrel, after hitting a high of $ 66.38 at the start of the session.



Meanwhile, WTI crude futures in the United States increased 1.4% to $ 62.51 a barrel, after hitting a high of $ 62.73 a barrel.


Both benchmarks have risen over 1% after rising nearly 4% in the previous session.


Meanwhile, ahead of next week's OPEC + meeting, Saudi Arabia and Russia are reported to have differing views, with Saudi Arabia looking to increase production to the market in April.


In contrast, Moscow is said to want a reduction in production commitment to continue.