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SINGAPORE – Oil prices rose more than $ 1 on Tuesday as US production was slow to return after a deep freeze in Texas closed in crude production last week.
Shale oil producers in the southern United States can take at least two weeks to restart the more than 2 million barrels per day (bpd) of crude production that has closed due to cold weather, as frozen pipes and power outages their recovery is delayed. said.
Brent crude rose $ 1.06, or 1.6%, to $ 65.30 a barrel at 0204 GMT, after peaking at $ 66.38 earlier. U.S. crude rose 81 cents, or 1.4 percent, to $ 62.51 a barrel, peaking at $ 62.73. Both benchmarks rose by more than 1% after climbing by almost 4% in the previous session.
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“The positive momentum in the oil complex continues, with investors being unashamedly exposed to a positive view,” Stephen Innes, chief market strategist at Axi, said in a note.
Goldman Sachs Commodities Research increased its forecasts for Brent crude oil price for the second and third quarters of 2021 by $ 10, citing lower expected inventories, higher marginal costs to restart upstream activity and speculative inflows.
Oil prices rose more than $ 1 on Tuesday as U.S. production returned slowly after a deep freeze in Texas closed in crude production last week. Photo Credit: iStock
The Wall Street bank expects Brent prices to reach $ 70 a barrel in the second quarter from $ 60 previously forecast and $ 75 in the third quarter of $ 65 earlier.
Morgan Stanley expects Brent crude prices to climb to $ 70 a barrel in the third quarter due to ‘signs of a much improved market’, including the prospect of an increase in demand.
It is difficult not to be clumsy with oil prices, as the freezing disruption virtually guarantees the guarantee of summer in the raw demand, regardless of the supply wave that remains, ‘says Edward Moya, senior market analyst at OANDA in New York.
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“Global oil demand looks much better now that the Pfizer vaccine is showing positive results after one dose, the UK sees the end of the pandemic ‘in sight’, and as hospitalizations and deaths continue to fall after peaking in early January has reached. ‘
Inventories of U.S. crude oil and refined products were likely to decline last week, a preliminary Reuters poll showed Monday due to the disruption in Texas.