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Crude oil futures end higher on supply concerns

17 Feb 2021 Evaluate

Crude oil futures ended higher on Tuesday after oil wells and refineries in Texas were shut down due to cold. Texas, the biggest crude producing state in the United States, produces roughly 4.6 million barrels of oil per day and is home to 31 refineries. Worries about supply due to rising tensions in the Middle East following a drone attack by Yemen’s Houthi group on Saudi Arabian airports also contributed to oil’s advance.

Crude oil futures for March gained $0.58 or 1 percent to settle at $60.05 barrel on the New York Mercantile Exchange. April Brent crude rose $0.17 or 0.27 percent to settle at $63.47 a barrel on London's Intercontinental Exchange.