Oil prices settle mixed after strong rally

Fri, 26 Feb 2021

Oil prices settle mixed after strong rally

Xinhua
24 Feb 2021, 07:55 GMT+10

NEW YORK, Feb. 23 (Xinhua) -- Oil prices settled mixed on Tuesday, following a jump in the previous session.

The West Texas Intermediate (WTI) for April delivery lost 3 cents to settle at 61.67 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for April delivery increased 13 cents to close at 65.37 dollars a barrel on the London ICE Futures Exchange.

These market reactions followed strong gains in the prior session that saw the WTI and Brent surge 3.8 percent and 3.7 percent, respectively, on Monday.

U.S. crude output is expected to return slowly as it will take some time for Texan oil production to return to normal following freeze-induced disruptions.

"So far, less than half has gone back into operation, which will likely weigh on supply both within and outside Texas," Eugen Weinberg, energy analyst at Commerzbank Research, said in a note on Tuesday.

Positive sentiment among investors with regard to the good economic forecasts and the optimistic oil price forecasts issued by leading U.S. brokers have also contributed to the latest upswing in prices, Weinberg said, adding volatility remains on the oil market.

"We believe that the upbeat sentiment and the price rise itself are excessive and expect prices to correct," he noted.

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