- Barclays raised its 2021 oil price forecast on Thursday, citing weaker than expected supply response from U.S. producers to higher prices and normalizing inventories after last week’s cold storm in Texas.
The bank increased its 2021 Brent crude oil price outlook by $7 to $62 per barrel and West Texas Intermediate crude price estimate by $6 to $58 a barrel. U.S. energy firms last week cut the number of oil rigs operating for the first time since November as a freeze hit most of Texas. [RIG/U] Oil prices hovered near 13-month highs on Thursday after a sharp drop in U.S. crude output last week due to the storm in Texas. Brent crude rose 0.6% to $67.41 a barrel by 0718 GMT, while WTI gained 0.5% to $63.54 a barrel.[O/R]
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