Oil Prices Jump by More Than a Dollar as The Resumption of US Production Slows

Oil prices jumped by more than a dollar on Tuesday (February 23rd), as they received support from optimism about the distribution of anti-Covid-19 vaccines and a decrease in production as US supplies slowly return after freezing weather in Texas stopped crude production last week.

Sources said that shale oil producers in the southern United States may take at least two weeks to resume production of more than two million barrels per day of crude due to the cold weather, as the recovery is slowed by frozen pipelines and power cuts.

Brent crude rose $ 1.08, or 1.7%, to $ 66.32 a barrel, after earlier hitting a high of $ 66.79.

US crude rose 92 cents, or 1.5%, to $ 62.62 a barrel, after hitting a session high of $ 63.

The two benchmarks rose by more than 2% today, after rising nearly 4% in the previous session.