Oil prices at new 13-month highs as US output drops
US crude output has been curtailed by the severe weather in Texas, with voluntary cuts by Saudi Arabia also tightening supply
25 February 2021 - 12:24
London — Oil prices extended gains for a fourth session on Thursday to reach their highest levels in more than 13 months, underpinned by an assurance that US interest rates will stay low, and a sharp drop in US crude output last week due to the icy storm in Texas.
Brent crude futures for April gained 33c, 0.49%, to $67.37 a barrel by 9.25am GMT, while US West Texas Intermediate (WTI) crude for April was at $63.45 a barrel, up 23c, 0.36%...
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