Oil prices hits highest level in one year

SANAA, Feb. 24 (YPA) – Oil prices hit its highest in a year on Tuesday, supported by signs that global restrictions to contain the Corona virus are being eased, although concern about the pace of the US economic recovery and the return of crude production in Texas curbed the gains.
US crude futures ended the trading session three cents lower to $ 61.67 a barrel, but remains near their highest levels since January 2020.
Brent crude futures closed 13 cents, or 0.2 percent, at $ 65.37 a barrel.
The two benchmarks both rose more than a dollar earlier in the session before retreating, according to Reuters.
Shale oil producers and refineries in the southern United States are slowly resuming production after stopping two million barrels per day of crude production and about 20 percent of refining capacity, due to a winter storm last week.