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2/23, 9:35 AM (Source: TeleTrader)
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Crude extends gains amid lower US production

Oil futures extended gains on Tuesday as crude output in the United States continued to be disrupted by the severe winter storm that hit Texas last week. According to projections, the process of restarting the production of more than 2 million barrels per day is expected to take at least two weeks.

Meanwhile, investors are awaiting private data on US oil inventories due later in the day and anticipating next week's OPEC+ meeting.

Brent for settlements in April jumped 1.36% to sell for $66.16 per barrel at 3:23 am ET and West Texas Intermediate (WTI) for April delivery climbed 1.26% to go for $62.48 per barrel at the same time.

Breaking the News / NP