Oil climbs over $1 on slow return of U.S. output

23.02.2021 - Petr Mazaylo
Oil climbs over $1 on slow return of U.S. output

Oil prices rose by over $1 on Tuesday as U.S. output slowly rebounded from a deep freeze in Texas that shut down crude production last week.

U.S. shale oil producers said it could take up to two weeks to resume over 2 million bpd of crude output shut down by the extreme cold.

Brent crude rose 1.6%, or $1.06, at $65.30 per barrel after reaching a high of $66.38. U.S. crude gained 1.4%, or 81 cents, at $62.51 per barrel following a session high of $62.73. 

Both benchmarks rose over 1% after gaining almost 4% in the last session.

Wall Street bank experts forecast Brent prices to hit $70 in the second quarter and $75 in the third quarter. 

U.S. crude oil stocks and refined products likely dropped last week, according to a preliminary poll. 

Risk disclaimer "PROMETHEUS LTD – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0155 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of PROMETHEUS LTD and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from umarkets.ai or PROMETHEUS LTD." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue

Help with deposit?