February 23, 2021 | finance & economy

Oil Prices Rise After The Return Of US Production To Its Previous Activity


Baghdad / NINA / -Oil prices rose again, Monday, after the return of US production to its activity, following the slowdown in the freezing weather that struck the United States and the outbreak of the Coronavirus.

Brent crude rose 80 cents, or 1.30%, to $ 62.95 a barrel.

The price of American oil also increased by 65 cents, or 1.11%, to reach $ 59.92 a barrel, after dropping 0.4% over the past week.

Crews from Texas oil fields may take several days to de-ice the valves, restart systems, and start producing oil and gas.

Analysts said refineries on the US Gulf Coast are assessing damage to facilities and may take up to three weeks to restore most of their operations, with low water and gas pressure and electricity losses hindering restart.

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