Oil prices rose on Monday, February 22nd, amid a gradual resumption of oil production in the United States.
Kiev. Ukraine. Ukraine Gate – February 22, 2021 – Economy
The April futures price for Brent crude on the ICE London Futures Exchange reached $ 62.92 a barrel, which is 1.26% higher than the closing price of the previous session.
As the price of WTI crude oil in April in electronic trading on the New York Mercantile Exchange reached $ 59.93 a barrel, which is 1.13% higher than the level at the close of the previous trade and the initial trading in benchmarks ended at $ 62.91 and $ 59.26 at Straight.
According to experts from the Commonwealth Bank of Australia, although some oil companies, including Marathon Oil, Devon Energy Corp (NYSE: DVN), and Verdun Oil Co, have resumed production in Texas until it is clear if it will be fully restored.
Investors are still hoping to recover most of the lost production in the coming days, but bank experts expect that normalizing production in certain places will take more time due to the need for reforms.
Emergency crews will likely need a few days to de-ice the valves, restart the system and start oil and gas production. Oil refineries on the US Gulf Coast are estimating losses, and analysts say it could take up to three weeks to restore most production, despite low water pressure, and a loss of gas and electricity.
Industry experts estimate that abnormally cold weather in Texas and other southern states has reduced production by 4 million. (Natural gas production decreased by 21 billion cubic meters.
For the first time since November, US drilling companies cut the number of operating oil rigs because of the cold and snow that covered Texas, New Mexico, and other power centers.
Read also: Coronavirus Statistics in Ukraine for Today, February 22!
Source: Ukrgate
