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Oil drops as investors gauge big chill impact on U.S. refineries

Oil drops as investors gauge big chill impact on U.S. refineries

19 February 2021 08:39 (UTC +04:00)

Oil prices slid as much as 2% in early trade on Friday, adding to overnight declines, on worries that refineries shut by a big freeze in the U.S. South will take some time to revive operations and dent crude demand, APA reports quoting Reuters.

U.S. West Texas Intermediate (WTI) crude futures fell $1.21, or 2%, to $59.31 a barrel at 0157 GMT, after declining 1% on Thursday.

Brent crude futures dropped $1.07, or 1.7%, to $62.86 a barrel, after declining 0.6% on Thursday.

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