News From the Oil Patch: Winter weather shuts in a million barrels a day

Nymex crude contracts settled over $78 per barrel Friday for the first time since November 14. WTI reached more than four dollars higher on the week and nearly seven dollars higher than at the beginning of the year. But prices were down nearly two percent by midday Monday. WTI drops below $77 a barrel. London Brent was fetching a few cents over $82 by midday Monday.

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