Crude oil jumped higher on the expectation of lower shale output from the US
Crude oil jumped higher on the expectation of lower shale output from the US
International benchmarks for crude oil traded higher on Monday, 22 February 2021 on the expectation of lower production output from shale producers in the US. OPEC this month cut 2021 forecast for US crude, expecting production to reduce 140,000 barrels per day to 7.16 million bpd.
Brent surged $2.33 or 3.57% to $65.24/barrel.
WTI increased $2.25 or 3.66% to $61.49/barrel.