Oil futures prices remained mixed on Tuesday after hovering near 13-month highs, supported by a US cold snap that shut wells in the oil-producing state of Texas.
The global rollout of coronavirus vaccinations, fuelling expectations of a recovery in the global economy and oil demand, has also kept prices buoyant.
At 1535 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, was trading at $62.89 a barrel after losing 0.65 percent.
The US West Texas Intermediate (WTI) crude futures gained 0.40 percent to $59.71 a barrel. The price for Opec Basket was recorded at $60.77 a barrel with 0.38 percent increase, Arab Light was available at $63.12 a barrel after a decrease of 0.35 percent while price of Russian Urals remained unchanged at $42.22 a barrel.
It is pertinent to mention that with Saudi Arabia’s voluntary reduction, the production cut of OPEC+ will reach 8.125 million barrels per day (bpd) for February and 8.05 million bpd in March, thus reducing output in February by 925,000 bpd and 850,000 bpd in March relative to output rates in January.