LONDON (Reuters) – Oil prices hovered near 13-month highs on Tuesday, supported by a cold snap that shut wells in the biggest U.S. producing state Texas, although gains were capped by a wage deal in Norway that averted supply disruptions in Europe. The global rollout of coronavirus vaccinations, fuelling expectations of a recovery in the global economy and oil demand, has also kept prices buoyant. Keenly watched U.S. oil inventory data from the API industry association and Energy Information Administration (EIA) will be released this week on Wednesday and Thursday, respectively, each delayed by a day after U.S. markets were closed on Monday. Benchmark Brent crude slipped 16 cents, or 0.2%, to $63.14 a barrel by 1056 GMT, but it remained to its highest since January 2020 that was reached the previous session. U.S. West Texas Intermediate (WTI) crude futures gained 33 cents, or 0.6%, to $59.80 a barrel by 1056 GMT, after touching their highest since early January 2020. Cold weather in the United States halted operations at Texas oil wells and refineries on Monday and forced restrictions on natural gas and crude pipeline operators. Texas produces about 4.6 million barrels per day of oil and is home to… continue reading
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Source: CTRM Center