Oil near new highs as icy weather freezes Texas production
US West Texas Intermediate crude futures gained 0.7% while Brent was down 0.1% after a new high in the previous session
16 February 2021 - 11:41
London — Oil prices hovered near 13-month highs on Tuesday on the back of a cold snap shutting wells in Texas, the biggest crude-producing state in the US, while a wage deal in Norway averted outages in Europe, capping gains.
Prices also gained after Yemen’s Iran-aligned Houthi group said it had launched attacks on Saudi Arabia, raising supply concerns in the world’s biggest oil exporter, while vaccine-driven optimism over a global economic recovery from the Covid-19 pandemic was also supportive...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.