20 February 2021
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Oil prices drop $ 1.28 as Texas prepares to resume oil production
West Texas Crude Oil Futures Friday market closed (Feb. 19) dropped $ 1.28 as the Texas energy industry is preparing to resume oil production. After the cold weather has affected previous oil and gas production.
West Texas Crude Contract Delivered in March. It traded down $ 1.28 at Nimex to close at $ 59.24 / barrel. Brent crude oil contract Delivered in April. It was down $ 1.02 to close at $ 62.91 / barrel.
Analysts state that The previous power shortage in Texas has affected about a fifth of U.S. oil refineries, including production of around 4 million barrels per day of crude oil. And natural gas production of 2.1 billion cubic feet / day
Moreover, the price of oil has been pressured by news reports that The US is ready to resume talks with Iran over a nuclear weapons deal. This could pave the way for easing sanctions on Iran. And make Iran return to export oil to the world market
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