LONDON– Oil rates advanced further on Wednesday, underpinned by major supply disturbance in the south of the United States this week caused by a winter storm in Texas.
” The effect on crude oil costs will mainly depend on how long the power crisis will last, but ultimately rates will likely return to the principles with a focus on the global energy demand and OPEC ,” said Margaret Yang, a strategist at Singapore-based DailyFX.
Leading Stories Newsletter
Sign up to get the daily top stories from the Financial Post, a division of Postmedia Network Inc.
By clicking on the sign up button you consent to get the above newsletter from Postmedia Network Inc.