Oil retreats from 13-month high on profit-taking

Oil prices continued to fall as the US market opened on Tuesday, to pullback from a 13-month high on profit-taking, amid focus on the cold weather conditions in the US that suspended most of Texas' oil output.

US crude fell 0.9% to $59.59, after opening at $60.21, and hit a day high at $60.31, and Brent crude fell 0.5% to $62.96, after opening at $63.30, and hit a day high at $63.68.

US crude rose 0.8% yesterday, the second straight daily gain, after hitting a 13-month high at $60.92, while Brent crude futures rose 1% and hit the highest since January 2020 at $63.74.

Oil prices were lifted thanks to the OPEC-Plus coalition's output cuts and Saudi Arabia's decision to voluntarily cut its oil production, in addition to hopes of the US economic stimulus.

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.