Oil rises to 13-month high; Brent crosses $65

18/02/2021 Argaam

Oil prices rose to 13-month high on Thursday as the cold weather in Texas and surrounding areas shut about one-fifth of US refining output.

 

Texas oil producers and refiners remained closed for a fifth day on Wednesday, Feb. 17, 2021.

 

International benchmark Brent crude was trading up 1.2% at $65.14 per barrel, at 9.05 am Makkah time, crossing the $65-mark for the first time since January 2020.

 

WTI crude rose 1% to $61.73 a barrel.

 

Both benchmarks have gained more than 6% since their close last Thursday.

 

Meanwhile, US crude oil stocks fell by 5.8 million barrels in the week to Feb. 12, American Petroleum Institute data showed.

 

US Energy Information Administration (EIA) oil inventory data will be released later today.

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