

No results matched your search
By Noah Browning
LONDON (Reuters) - Oil prices rose on Monday as the slow return of U.S. crude output cut by frigid conditions served as a reminder of the tight supply situation, just as demand recovers from the depths of the COVID-19 pandemic.
Brent crude was up 51 cents, or 0.8%, at $63.42 a barrel by 0945 GMT, after gaining nearly 1% last week. U.S. oil rose 45 cents, or 0.8%, to $59.69 a barrel, having fallen 0.4% last week.
Abnormally cold weather in Texas and the Plains states forced the shutdown of up to 4 million barrels per day (bpd) of crude production along with 21 billion cubic feet of natural gas output, analysts estimated.
Oilfield crews will probably take several days to de-ice valves, restart systems and begin oil and gas output. U.S. Gulf Coast refiners are assessing damage and may take up to three weeks to restore most of their operations, analysts said, though hampered by low water pressure, gas and power losses.
"With three-quarters of fracking crews standing down, the likelihood of a fast resumption is low," ANZ Research said in a note.
For the first time since November, U.S. drilling companies cut the number of oil rigs operating due to the cold and snow enveloping Texas, New Mexico and other energy-producing centres.
OPEC+ oil producers are set to meet on March 4, with sources saying the group is likely to ease curbs on supply after April given a recovery in prices, although any increase in output will likely be modest given lingering uncertainty over the pandemic.
"Saudi Arabia is eager to pursue yet higher prices in order to cover its social break-even expenses at around $80 a barrel while Russia is strongly focused on unwinding current cuts and getting back to normal production," said SEB chief commodity analyst Bjarne Schieldrop.
By Devika Krishna Kumar NEW YORK (Reuters) -Nearly half of all oil pipelines from the Permian basin, the biggest U.S. oilfield, are expected to be empty by the end of the year,...
By Yuka Obayashi and Aaron Sheldrick TOKYO (Reuters) - Japan will release more than 1 million tonnes of contaminated water from the destroyed Fukushima nuclear plant into the sea,...
By Shadia Nasralla LONDON (Reuters) -Oil prices ticked up on Tuesday after strong Chinese import data but markets broadly shrugged off Middle East tensions which have so far not...
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
I feel that this comment is:
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.