Global oil prices rise by over $1 on slow US output restart; Brent reaches $65.30 per barrel
Brent crude was up $1.06, or 1.6%, at $65.30 a barrel by 0204 GMT, after earlier hitting a high of $66.38
Reuters | February 23, 2021 | Updated 10:45 IST
The Wall Street bank expects Brent prices to reach $70 per barrel in the second quarter from the $60 it predicted previously and $75 in the third quarter from $65 earlier
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 United States could take at least two weeks to restart the more than 2 million barrels per day (bpd) of crude output that shut down because of cold weather, as frozen pipes and power supply interruptions slow their recovery, sources said.
Brent has now risen for nine sessions in a row, its longest sustained period of gains since December 2018 to January 2019. It is the eighth daily rise for US crude