Oil rises as cold front shuts U.S. oil wells, curbs refineries

16.02.2021 - Kulakov Vladimir
Oil rises as cold front shuts U.S. oil wells, curbs refineries

Oil prices climbed on Tuesday as wells and refineries in Texas, the United States’ biggest crude producer, shut down due to a cold front.

Prices also rose as Yemen’s Iran-aligned Houthi group confirmed it hit Saudi Arabian airports with drones, raising supply worries in the world’s biggest oil exporter. 

Brent crude futures rose 0.6%, or 35 cents, at $63.65 per barrel. It hit its highest level since January 2020 in the last session.

U.S. West Texas Intermediate crude futures climbed 1.4%, or 82 cents, at $60.29 per barrel. WTI prices did not settle on Monday due to a U.S. federal holiday, and will instead settle at the end of trading on Tuesday.

The cold front in the United States forced Texas oil wells and refineries to shut down on Monday and restricted operations on natural gas and crude pipelines.

Meanwhile, Norway’s oil industry employers signed a wage bargain with the Safe labour union on Tuesday, averting a strike at the Mongstad crude terminal and closure of major oil and gas fields. 

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?