Oil rising in price due to uncertainty over output recovery in US

Benchmark crude prices rose more than 1 percent during trading on Feb. 22, Report informs, referring to gazeta.ru.

Experts believe that the growth is associated with uncertainty regarding the recovery of oil production in the US.

According to the trading data, the cost of April futures for Brent oil increased by 1.29 percent to $63.72 per barrel. By this time, WTI crude oil price amounted to $59.93 per barrel, which is 1.13 percent more than the previous trading’s closure level.

Experts noted that some companies had restored oil production in Texas, but it is not yet clear whether it will be restored in full.

The US experiences the worst frosts in 30 years - 47 people have already become victims of bad weather, about 300,000 people were left without electricity and water.