Crude oil prices drifted lower on Friday, pushing the most active oil futures contract to a sharply lower close, as worries about supply disruptions eased after most of the oil companies in Texas set to resume production.
Oil companies in Texas had shut down production earlier this week due to extreme cold conditions.
West Texas Intermediate Crude oil futures for March ended lower by $1.28 or about 2.1% at $59.24 a barrel, after falling to a low of 58.59 a barrel at one stage.
WTI crude oil futures ended down $0.62 or about 1% at $60.52 a barrel on Thursday, despite having surged to a fresh 13-month high earlier in the session.
Brent crude futures were down $1.29 or 2.02% at $62.64 a barrel a little while ago.
Traders continued to bet on speculation that the Organization of the Petroleum Exporting Countries and allies may decide to increase crude output. The agency and its allies, collectively known as OPEC+, are scheduled to meet in the first week of March.
According to a report released by Baker Hughes today, the oil rig count slipped by 1 this week, after rising for twelve successive weeks.
The material has been provided by InstaForex Company – www.instaforex.com