Texas’s big freeze pushes oil prices to 13-month highs

Texas oil producers and refiners remain shut due to icy cold weather, cutting output by 1-4 million barrels per day.

Oil prices have rallied again to hit 13-month highs as concerns that a rare cold snap in the US state of Texas could disrupt crude output in the United States for days or even weeks prompted investors to buy energy futures. Brent crude climbed 89 cents, or 1.4 percent, to $65.23 a barrel by 05:24 GMT on Thursday, touching its highest level since January 20, 2020. US West Texas Intermediate (WTI) crude futures gained 66 cents, or 1.1 percent, to $61.80 a barrel, registering its highest since January 8, 2020. Both benchmarks rose about $1 on Wednesday and have gained more than 6 percent since their close last Thursday.