Oil prices rise further on slow U.S. output restart

SourceZawya
SectorOil & Gas
CountryGulf

SINGAPORE: Oil prices rose again on Tuesday after a jump in the previous session, holding near a more than 13-month high as U.S. output was slow to return after a deep freeze in Texas shut in crude production last week.Shale oil producers in the southern United States could take at least two weeks to restart the more than 2 million barrels per day (bpd) of crude output that shut down because of cold weather, as frozen pipes and power supply interruptions slow their recovery, sources said.  Brent crude futures were up 28 cents, or 0.4%, at $65.52 a barrel by 0102 GMT, while U.S. crude oil rose 14 cents, or 0.2%, to $61.84 a barrel. Both benchmarks rose nearly 4% in the previous session."The positive momentum continues in the oil complex, with investors unabashedly predisposed to a bullish view," said Stephen Innes, chief global markets strategist at Axi in a note."Several significant oil price revisions were announced overnight and may have contributed to the rally of over 3%," he said.Goldman Sachs Commodities Research raised its Brent crude oil price forecasts by $10 for the second and third quarters of 2021, citing lower expected inventories, higher marginal costs to restart upstream ...read more...