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Oil prices fell on Feb 18 despite a sharp drop in U.S. crude inventories, as traders took profits after several days of buying driven by a cold snap in Texas. Brent settled at $63.93 after touching $65.52, its highest since January 2020.
Freeze-related production losses in the largest U.S. energy-producing state tightened near-term crude supply, so the price rally is driven by supply disruption even as profit-taking caps gains. Feed buyers see higher diesel and energy costs flowing into freight and processing.
reuters.comYuka ObayashiFeb 18, 2021Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
