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Oil prices fell today, Friday, for the second session in a row, to retreat further from recent levels as Texas energy companies began to prepare to resume work in the oil fields. oil and gas hit by a wave of freezing and blackouts.
Brent futures fell $ 1.02, or 1.6%, to $ 62.91 a barrel, while U.S. West Texas Intermediate crude fell $ 1.28 or 2.1%, bringing the settlement price to $ 59.24 per barrel.
On a weekly basis, Brent gained about 0.5% and West Texas Intermediate was down 0.7%.
Both benchmarks rose this week, to the highest level in over a year.
Jim Ritterbusch, President of Ritterbusch and Associates, said: “The price drop of this magnitude appears corrective and comes somewhat against the backdrop of the large acceleration in price increases this month.”
According to data from Baker Hughes, US energy companies this week reduced the number of oil and gas rigs in service for the first time since November.
Texas refiners have suspended about a fifth of the nation’s oil refining capacity amid the blackouts and cold.
Sources expect companies to prepare to resume production today, with the slow return of electricity and water services.
Oil prices fell despite a sudden drop in US crude inventories last week. The US Energy Information Administration said on Thursday that inventories had fallen from 7.3 million barrels to 461.8 million barrels, their lowest level since March.
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