Oil jumps on lower US weather-hit output
Texas producers expected to take two weeks to restart crude production
23 February 2021 - 07:54
Singapore — Oil prices jumped by more than $1 on Tuesday, underpinned by optimism over Covid-19 vaccine rollouts and lower output as US supplies were slow to return after a deep freeze in Texas shut in crude production last week.
Shale oil producers in the southern US could take at least two weeks to restart the more than 2-million barrels a day of crude output that shut down because of cold weather, as frozen pipes and power supply interruptions slow their recovery, sources said...
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