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Oil Prices Show Mixed Performance but Remain Near Record Levels

M. Ali 16 February, 2021 8:34 pm Commodities, Market Update

Crude oil prices are showing a mixed performance on Tuesday, with the U.S. benchmark futures rising amid cold weather conditions shutting production in Texas and raising demand for energy and heat sources.

Meanwhile, the global benchmark Brent crude futures are showing a relative decline after recent surges with a strong rise by the U.S. Dollar (USD).

Crude prices are receiving support from the commitment of the OPEC+ to output cut, alongside increased hopes for the recovery of the global economy and the demand for oil worldwide, amid the rollout of Coronavirus vaccines.

Brent is currently down by 0.68% at $62.87 per barrel, while the West Texas Intermediate (WTI) is up by 0.32% at $59.66 a barrel.

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