WTI crude oil futures jumped more than 2 percent, breaking the $ 63 level on the day. Despite the release of US crude oil stocks last week.
At 22.53 Thai time, the West Texas Crude Oil (WTI) contract for delivery in March. It traded up $ 1.56, or 2.53 percent, to $ 63.23 a barrel.
The US Government’s Energy Information Administration (EIA) said US crude inventories rose 1.3 million barrels last week. While analysts had expected a down of 4.8 million barrels.
American Petroleum Institute (API), a group of the US oil industry. Previously disclosed that U.S. crude stocks were up 1.0 million barrels last week.
The EIA also revealed that Crude stocks at Kuching, Oklahoma, the point of delivery of U.S. crude futures, were up 2.8 million barrels.
Oil prices were driven by the forecast that The energy industry in Texas still needs time to resume oil production.
The source said The oil market will remain tight. Because the Texas energy industry’s resumption of oil production will be delayed. It took at least two weeks after the cold weather had affected previous oil and gas production.
Analysts state that The previous power shortage in Texas has affected about a fifth of U.S. oil refineries, as well as 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 was a positive factor from the increase in oil demand. As countries began to relax the lockdown measures This will make the economy open. And increased demand for oil
Investors keep an eye on meetings of the Petroleum Exporting Countries (OPEC) and allies. Or OPEC Plus on March 4, with expectations that the meeting will pass a resolution to relax measures to cut oil production after April. Since the oil price has now recovered.
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