WASHINGTON (dpa-AFX) - Crude oil prices pared gains and settled roughly flat on Tuesday after refineries in the Gulf Coast restarted after a temporary closure.
Oil prices surged higher earlier in the session on fears over supply disruptions due to winter storm Elliott, and China's decision to ease travel restrictions.
Oil prices were also supported by reports Russia might cut oil output early next year. Also, Russian President Vladimir Putin announced a ban on the sale of oil which would allow exports to countries imposing a price cap only in the case of a special exemption from the Kremlin.
West Texas Intermediate Crude oil futures for February settled flat at $79.53 a barrel, coming off the session's high of $81.18 a barrel.
Brent crude futures settled at $84.33 a barrel, gaining $0.41 or about 0.5%.
According to media reports the relentless storm affected logistics and production of petroleum products and shale oil. About 1.5 million bpd of the Gulf Coast's refining capacity was shut down due to the freezing temperatures as of Friday (December 23).
A report from RIA news agency citing Deputy Prime Minister Alexander Novak that Russia might cut oil output by 5-7% in early 2023 in response to price caps, pushed up oil prices.
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