This Is The Current Movement Of Oil Prices After The Surprise Last Week - Kakiforex | Forex markets for the smart money. This Is The Current Movement Of Oil Prices After The Surprise Last Week This Is The Current Movement Of Oil Prices After The Surprise Last Week

February 22, 2021

This Is The Current Movement Of Oil Prices After The Surprise Last Week

 Black commodities traded up during the Asian session, as traders assessed the return of U.S. crude oil production that had previously had to be halted due to extreme cold weather in Texas last week.


The benchmark Brent crude futures rose 68 cents to $ 62.82 a barrel, while the US WTI traded up 55 cents at $ 59.82 a barrel.


Abnormal cold weather in Texas and the surrounding area forced the cessation of crude oil production resulting in about 4 million barrels a day of oil being affected, according to estimates from analysts.



Manufacturers including Marathon Oil Corp reportedly started using the restored energy supply to restart output last Friday.


Meanwhile, OPEC +'s monthly meeting, scheduled for next week, is expected to see producing countries consider increasing crude oil production in April, as prices have stabilized.


Black gold trade has jumped more than 20% this year after Saudi Arabia promised last month to increase its voluntary production cuts, as well as being supported by increasing vaccination measures.