Reuters: Oil prices climb on fears Texas freeze may hamper U.

REUTERS

REUTERS

Oil prices rallied again on Thursday to hit 13-month highs as concerns that a rare cold snap in Texas could disrupt U.S. crude output for days or even weeks prompted fresh buying.

Brent crude climbed 89 cents, or 1.4%, to $65.23 a barrel by 0524 GMT, touching its highest since Jan. 20, 2020. U.S. West Texas Intermediate (WTI) crude futures gained 66 cents, or 1.1%, to $61.80 a barrel, registering its highest since Jan. 8, 2020, as reported by Reuters.

Both benchmarks rose about $1 on Wednesday and have gained more than 6% since their close last Thursday.

Read also Energoatom: Ukraine will no longer transport spent nuclear fuel to Russia Texas oil producers and refiners remained shut for a fifth day on Wednesday after several days of blistering cold, and the governor ordered a ban on natural gas exports from the state to try to speed the restoration of power.

U.S. crude oil stocks fell by 5.8 million barrels in the week to Feb. 12 to about 468 million barrels, compared with analysts' expectations for a draw of 2.4 million barrels, American Petroleum Institute data showed.

U.S. Energy Information Administration (EIA) oil inventory data will be released later on Thursday, delayed by a day after a Monday holiday.

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Author: UNIAN

Unian

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