Oil prices jump nearly 4% as recovery in Texas crude production slows | latest news

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Oil prices jumped about 4% Monday, 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 shut down between two million 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, so production may remain.
Stopped longer 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 the US benchmark West Texas Intermediate crude contract closed
It rose $ 2.25, or 3.8 percent, to $ 61.49 a barrel.

The expiration date for US crude contracts for March delivery on Monday. The most heavily traded April contracts rose $ 2.44, or 4.1 percent, to $ 61.70 a barrel.

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





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