Oil prices remained mostly stable on Wednesday, as bitter cold that halted some U.S. oil production offset disappointing economic growth data in China.
Brent crude futures fell 41 cents to $77.88 a barrel. U.S. West Texas Intermediate (WTI) crude futures rose 16 cents to $72.56.
In North Dakota, one of the top oil-producing states in the United States, temperatures below zero degrees Fahrenheit caused oil production to drop from 650,000 to 700,000 barrels per day (bpd), more than half its typical output.
Such supply concerns led U.S. crude futures to trim losses late in the session after falling more than $1 a barrel, said Andrew Lipow, president of Lipow Oil Associates.
Weakening prices on Wednesday, China’s economy grew 5.2% in the fourth quarter on a year-over-year basis, below analysts’ expectations and casting doubt on forecasts that Chinese demand would fuel global demand growth for oil in 2024.
Source: Terra
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