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Brent Oil Advances Above $65 for First Time Since January 2020

Published 02/17/2021, 08:02 PM
Updated 02/17/2021, 08:27 PM
© Bloomberg. Storage tanks located near a dock for Hornbeck Offshore Services, Inc. oil industry support vessels in Port Fourchon, Louisiana, U.S., on Thursday, June 11, 2020. Oil eclipsed $40 a barrel in New York on Friday, extending a slow but relentless rise that’s been fueled by a pick-up in demand and could signal a reawakening for U.S. shale production. Photographer: Luke Sharrett/Bloomberg
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(Bloomberg) -- Brent oil climbed above $65 for the first time since January 2020 as U.S. output plunged by a record amid the the nation’s energy crisis, adding to a tightening global market.

Futures in London rose as much as 1.4% to $65.21 on Thursday. The deep freeze causing power outages across the central U.S. has led to oil production falling by more than 4 million barrels a day nationwide. A spate of refinery outages, however, has curbed some demand for crude.

See also: Big Freeze in Texas Is Becoming a Global Oil Market Crisis

©2021 Bloomberg L.P.

© Bloomberg. Storage tanks located near a dock for Hornbeck Offshore Services, Inc. oil industry support vessels in Port Fourchon, Louisiana, U.S., on Thursday, June 11, 2020. Oil eclipsed $40 a barrel in New York on Friday, extending a slow but relentless rise that’s been fueled by a pick-up in demand and could signal a reawakening for U.S. shale production. Photographer: Luke Sharrett/Bloomberg

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