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Crude oil futures settle higher as Texas output and refinery disruptions continue

18 Feb 2021 Evaluate

Crude oil futures settled higher on Wednesday as freezing weather extending as far south as Texas continues to shut in production and keep refineries closed. Further, oil prices have moved up because of Saudi Arabia’s voluntary production cuts and an acceleration in the COVID-19 vaccine rollout, as well as some loss of production in the Permian. Meanwhile, weekly data on petroleum supplies have been delayed by a day following the Presidents Day holiday on Monday. The Energy Information Administration will issue its data on Thursday.

Crude oil futures for March rose $1.09 or 1.8 percent to settle at $61.14 barrel on the New York Mercantile Exchange. April Brent crude surged 99 cents or 1.6 percent to settle at $64.34 a barrel on London's Intercontinental Exchange.