• Oil settles mixed amid post-storm uncertainty

    24 Feb 2021 | Economic News
  


Oil prices settled near year-long highs on Tuesday on signs that global coronavirus restrictions were being eased, although concerns about the pace of a U.S. economic recovery and the return of Texas oil production kept gains in check.


U.S. crude settled down 3 cents to $61.67 a barrel, still close to its highest levels since January 2020.

Brent crude LCOc1 settled up 13 cents, or 0.2%, to $65.37 a barrel.

Both contracts rose more than $1 earlier before retreating.


Shale oil producers and refiners in the southern United States are slowly resuming production after 2 million barrels per day (bpd) of crude output and nearly 20% of U.S. refining capacity shut down because of last week’s winter storm.


Traffic at the Houston ship channel was slowly returning to normal. Production, however, was not expected to fully restart soon and some shale producers forecast lower oil output in the first quarter.



Reference: Reuters

MTS Gold Co., Ltd.
40,42,44, Sapsin Road, Wang Burapha Phirom Sub-district, Pranakorn District, Bangkok, 10200
Tel. 0 2770 7777 Fax. 0 2623 9366 E-mail: support@mtsgoldgroup.com