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Brent Hits $66/barrel as Oil Prices Head for 20% Monthly Gain

Oil is heading for a 20% monthly gain in February, the fourth consecutive month of gains and the most since November.

Both WTI and Brent recovered to pre-pandemic levels earlier this month, bolstered by tightening global supplies and prospects of an economic recovery driven by a COVID-19 vaccination campaign globally and fiscal stimulus.

Further supporting prices was a fall of almost 6 million barrels of combined production in the US because of the cold blast last week that forced the shutdown of wells and processing plants.
Meantime, traders started to worry about a looming increase in crude oil supplies from OPEC+ as the cartel meets on March 4th while refineries in Texas began to resume operations.

In the New York morning trading, WTI was trading around $62.2 a barrel and Brent about $66.1 a barrel.

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