Despite the growing market share of domestic automakers, Teslas remain among the best-selling EVs in the Asian country
Oil prices fell from recent highs for a second day on Friday as Texas energy firms began to prepare for restarting oil and gas fields shuttered by freezing weather.
Brent crude futures were down $1.16, or 1.8 per cent, to $62.77 per barrel, by 1150GMT, while US West Texas Intermediate (WTI) crude futures fell $1.42, or 2.4 per cent, to $59.10 a barrel.
Unusually cold weather in Texas and the Plains states curtailed up to four million bpd of crude oil production and 21 billion cubic feet of natural gas, according to analysts.
Texas refiners halted about a fifth of the nation’s oil processing amid power outages and severe cold.
However, firms in the region on Friday were expected to prepare for production restarts as electric power and water services slowly resume, sources said.
“The market was ripe for a correction and signs of the power and overall energy situation starting to normalise in Texas provided the necessary trigger,” said Vandana Hari, energy analyst at Vanda Insights.
Oil fell despite a surprise fall in US crude stockpiles in the week to Feb. 12, before the freeze. Inventories fell by 7.3 million barrels to 461.8 million barrels, their lowest since March, the Energy Information Administration reported on Thursday.
The United States on Thursday said it was ready to talk to Iran about both nations returning to a 2015 agreement that aimed to prevent Tehran from acquiring nuclear weapons.
While the thawing relations could raise the prospect of reversing sanctions imposed by the previous U.S. administration, analysts did not expect Iranian oil sanctions to be lifted anytime soon.
“This breakthrough increases the probability that we may see Iran returning to the oil market soon, although there is much to be discussed and a new deal will not be a carbon-copy of the 2015 nuclear deal,” StoneX analyst Kevin Solomon said.
Despite the growing market share of domestic automakers, Teslas remain among the best-selling EVs in the Asian country
The entire plan will see cow-breeding and poultry projects come up near the massive wheat farm and the dairy farm will form the third phase
Modi, 73, remains resoundingly popular after a decade in office, and he is widely expected to win a third term
With over seven years of experience in branding and social media, and three years in motion graphics and editing, Arkan's expertise spans a wide range of creative domains
Names of leading brands in various sectors revealed in a new report by Brand Finance
Four workers died when the drone struck a condensate storage tank at Khor Mor Complex, Dana Gas said in a statement to the ADX
Experience the future of comfort and convenience with innovative smart furniture, elevating your lifestyle through seamless integration of technology and design
The device is equipped solely with an AI-powered personal assistant tasked with carrying out a multitude of practical tasks