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Oil Maintains Gains As Winter Storm Continues in North America

M. Ali 18 February, 2021 12:00 am Commodities, Market Update

Oil prices rose on Wednesday, as a strong winter storm not only disrupted crude production and refining in Texas but also led to an increased demand for energy and heat sources in parts of North America.

In addition, crude prices remain supported by the commitment of the OPEC+ alliance to output cuts, geopolitical concerns, expectations for the recovery of the global economy and the demand for oil amid the accelerating rollout of coronavirus vaccines.

Brent crude futures for April delivery finished Wednesday higher by 99 cents, or 1.6%, at $64.34 per barrel.

Meanwhile, the West Texas Intermediate (WTI) crude futures for March delivery gained $1.09, or 1.8%, to close at $61.14 per barrel.

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