Wed, 28 Dec 2022 – 12:30 AM
HOUSTON, December 27 / WAM / Oil prices stabilized following hitting their highest level in three weeks today, Tuesday, as some power plants in the United States began to restart, following they were stopped due to winter storms, following gains resulting from hopes for a recovery in demand with easing China. Coronavirus restrictions.
Brent crude rose 41 cents, or 0.5 percent, to $84.33 a barrel, while US West Texas Intermediate crude fell three cents to settle at $79.53 a barrel.
Both benchmarks earlier in the session hit their highest levels since Dec. 5.
Refineries along the Gulf coast began to resume operations and increase production following operations were suspended due to a polar storm that swept the country.
The extreme cold has also reduced oil and gas production from North Dakota to Texas.
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Reda Abdel Nour
