# Oil falls after surging past $65 on Texas freeze | Reuters

> 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.

- Date: 2021-02-18 · published 2021-02-18T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/48808-oil-falls-after-surging-past-65-on-texas-freeze-reuters
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

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.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Sources

- reuters.com: https://www.reuters.com/business/oil-falls-after-surging-past-65-texas-freeze-2021-02-18/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.