3 Min Read
NEW YORK (Reuters) - Oil prices settled near year-long highs on Tuesday on signs that global coronavirus restrictions were being eased, although concerns about the pace of a U.S. economic recovery and the return of Texas oil production kept gains in check.
Slideshow ( 2 images )
U.S. crude settled down 3 cents to $61.67 a barrel, still close to its highest levels since January 2020. Brent crude LCOc1 settled up 13 cents, or 0.2%, to $65.37 a barrel.
Both contracts rose more than $1 earlier before retreating.
Shale oil producers and refiners in the southern United States are slowly resuming production after 2 million barrels per day (bpd) of crude output and nearly 20% of U.S. refining capacity shut down because of last week’s winter storm.
Read more about Oil prices increase more than $1 as US output slow to restart on Business Standard. Morgan Stanley expects Brent crude prices to climb to $70 per barrel in the third quarter
Oil prices jumped by more than $1 on Tuesday, as US output was 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
Oil prices settled near year-long highs on Tuesday on signs that global coronavirus restrictions were being eased, although concerns about the pace of a U.S. economic recovery and the return of Texas oil production kept gains in check.
3 Min Read
NEW YORK (Reuters) - Oil prices settled near year-long highs on Tuesday on signs that global coronavirus restrictions were being eased, although concerns about the pace of a U.S. economic recovery and the return of Texas oil production kept gains in check.
Slideshow ( 2 images )
U.S. crude settled down 3 cents to $61.67 a barrel, still close to its highest levels since January 2020. Brent crude LCOc1 settled up 13 cents, or 0.2%, to $65.37 a barrel.
Both contracts rose more than $1 earlier before retreating.
Shale oil producers and refiners in the southern United States are slowly resuming production after 2 million barrels per day (bpd) of crude output and nearly 20% of U.S. refining capacity shut down because of last week’s winter storm.