Figures: Oil prices rise as US production is disrupted due to a winter storm
Increased Oil prices by about 3% upon settlement, affected by the disruption of crude production in the United States as a result of A severe winter storm affected energy infrastructure and temporarily halted exports from the US Gulf Coast.
Brent crude rose by $1.98, or 3.02%, to close at $67.57 per barrel, while US West Texas Intermediate crude rose $1.76, or 2.9%, to reach $62.39 per barrel.
Two million barrels declined. Daily
Estimations indicated a decline in US production by up to two million barrels per day, or about 15% of total production, in light of the pressures imposed by the harsh weather on electricity grids and energy facilities.
The storm also caused the cessation of exports of Crude oil and liquefied natural gas from US Gulf Coast ports temporarily, before rising again as ports reopen and weather conditions improve.
American media reported that the harsh weather conditions led to many traffic accidents and slides, and some people were exposed to extremely low temperatures that led to death.
Supporting global supplies
In terms of global supplies, it is expected that one of the largest oil fields in Central Asia will recover less than half of its normal production capacity by early February, due to a slow recovery following a technical accident, which contributed to increasing the scarcity of supply.
In the same context, geopolitical tensions in the Middle East supported oil prices, along with expectations that the producer alliance will maintain the policy of halting production increases during the month. Next.
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