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Oil extends gains, as Brent jumps above $64 for first time in 13 months
Oil prices rose on Wednesday, extending gains for the fourth straight day, as Brent crude jumped above $64 for the first time in 13 months, due to fears over the US supply amid the cold weather conditions in that suspended most of Texas' supply.
US crude rose 0.6% to $60.58, after opening at $60.22, and hit a day low at $59.55, and Brent crude rose 0.9% to the highest since January 2020 at $64.02, after opening at $63.43, and hit a day high at $62.76.
US crude rose less than 0.1% yesterday, while Brent crude futures rose 0.25%, posting their third straight daily gain.
A deep freeze in the US forced most oil wells and refineries in Texas to suspend production and restricted natural gas operators and pipelines.
The rare deep freeze also forced electrical power suppliers in Texas to cut power periodically, which left around 3 million homes without electricity.
Bearing in mind that Texas produces about 4.6 million barrels per day, with more than 31 refineries, according to US Energy Information Administration's data.
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