Oil prices rise due to US oil wells freezing

The nation press services
2021-02-16 | Since 2 Month

Oil prices jumped on Tuesday due to weather affecting wells and refineries in Texas, the world’s biggest oil producer.

Concerns of supply in the world’s biggest oil exporter also edged prices higher due to tensions in the Middle East.

Brent crude was up 35 cents, or 0.6%, at $63.65 a barrel at 04:34 GMT while US West Texas Intermediate (WTI) crude futures gained 82 cents, or 1.4%, to $60.29 a barrel. 

 

Stephen Innes, chief global market strategist at Axi said, "the unexpected US supply disruption provides another short term price recovery bridge that has likely taken oil prices to a level where markets were eventually heading but just a little bit quicker than expected."

The cold weather in the United States halted Texas oil wells and refineries on Monday. Texas produces roughly 4.6 million barrels of oil per day and is home to 31 refineries.   



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