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Oil s gains evaporate as wells restart Sharon Cho and Alex Longley, Bloomberg Feb. 19, 2021 FacebookTwitterEmail Idle oil rigs in Texas are expected to soon see action in Texas as the price of crude rises to near $60.Matthew Busch/Bloomberg Oil fell for a second day as production slowly restarted in Texas and the White House said it would be willing to meet with Iran, potentially paving the way for more crude exports from the Persian Gulf nation. Futures in New York dropped toward $59 a barrel. Companies are using restored power from grids or generators to resume output that was halted by the frigid weather, according to people familiar with the matter. The timeline for a full restoration of the estimated 40% or so of U.S. oil production that was shut in by the big freeze is unclear.

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