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Extreme cold disrupts US oil production, offsets poor China’s economic growthDespite China's economy expanding at a rate of 5.2%, slightly below the anticipated 5.3%, the focus shifted to the United States, where North Dakota, a key oil-producing state, faced a formidable setback. |
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In a delicate balance of global economic forces, oil prices remained relatively unchanged on Wednesday as frigid temperatures in the United States disrupted oil production, countering concerns arising from China's slightly lower-than-expected economic growth.
Despite China's economy expanding at a rate of 5.2%, slightly below the anticipated 5.3%, the focus shifted to the United States, where North Dakota, a key oil-producing state, faced a formidable setback. With temperatures plummeting to below-zero degrees Fahrenheit, the extreme cold led to a substantial reduction in oil output, plummeting by 650,000 to 700,000 barrels per day (bpd).
Brent crude futures settled down 41 cents, at $77.88/barrel.
WTI gained 16 cents/barrel to close at $72.56/barrel.
