Oil prices dip after surpassing $65 a barrel amid Texas cold snap

Brent crude had gained for four straight sessions before Thursday, while West Texas Intermediate had risen for three, both reaching their highest levels since January 2020.

Oil prices fell on Thursday despite a sharp drop in United States crude inventories, as market participants took profits following days of buying spurred by a cold snap in the largest US energy-producing state. Brent crude fell 41 cents, or 0.6 percent, to settle at $63.93 a barrel. During the session it rose as high as $65.52, its highest since January 2020. US West Texas Intermediate (WTI) crude futures fell 62 cents, or 1 percent, to settle at $60.52 a barrel, after earlier reaching $62.26, the highest since January 2020.