Oil Jumps Near $63 With Tightening Market Boosting Outlook

Bloomberg Quint | Feb 23, 2021 at 8:21 AM
  • Oil rose toward $63 a barrel with investment banks and traders predicting the market will tighten further and push prices higher.
  • The loss of oil output after the big freeze in the U.S. will also help the market firm as much of the world emerges from lockdowns.
  • Oil has surged this year after Saudi Arabia pledged to unilaterally cut 1 million barrels a day in February and March.