Cold wave in Texas “ignites” oil prices

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Oil prices jumped about 4 percent, Monday, to record nearly $ 66 a barrel at settlement, supported by the expected slow return to US crude production, after the extremely cold wave that struck Texas last week and caused production to stop.

American producers closed between two and four million barrels per day of oil production, due to the cold wave in Texas and other oil-producing states, which may have damaged facilities, which may keep production stalled for a longer period than expected.

Brent crude futures, the world benchmark, ended the trading session up $ 2.33, or 3.7 percent, to settle at $ 65.24 a barrel, while US West Texas Intermediate crude futures closed up $ 2.25, or 3.8 percent, to $ 61.49 a barrel.

The most heavily traded April contracts rose $ 2.44, or 4.1 percent, to $ 61.70 a barrel, according to Reuters.

OPEC + oil producers are scheduled to meet on March 4, with sources saying that the group will likely ease supply restrictions after April due to the recovery in prices, although any increase in production will likely be modest given the continuing uncertainty. Surrounding the COVID-19 pandemic.

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