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Oil Prices Retreat from 13-Month High

Oil prices dropped sharply on Friday, as supply disruptions in the US due to deep freeze weather eased, with the US National Weather saying warmer temperatures are expected to return by February 20th.

At around 07:00 AM GMT, WTI crude sank 1.1% to $59.85 a barrel, while Brent crude fell 0.9% to $63.35 a barrel. On Thursday, both benchmarks hit 13-month highs, amid hopes for the global economic recovery supported by a COVID-19 vaccination campaign globally.

Meantime, data from both the EIA and API showed a larger-than-estimated US crude stockpile fall last week.

Washington on Thursday said it was ready to talk to Tehran about both nations returning to a 2015 agreement that aimed to prevent Iran from acquiring nuclear weapons.

Traders now await the next OPEC+ meeting on March 4th where the cartel is expected to discuss April output quotas.

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