Oil hits pandemic high as winter storm pushes demand and poses production risk

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CNBC:

  • Freezing weather racked portions of the U.S. and fostered demand for fuel while simultaneously threatening to hamstring oil production in Texas.
  • The jump in oil prices WTI crude futures up 24% so far in 2021. It touched its highest level since January 2020.
  • “Frigid weather means that many oil wells may be shut in. Water is produced along with oil, that water can freeze up equipment,” oil analyst Andy Lipow wrote over the weekend

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