Tokyo-Sana
Oil prices rose again today, reaching their highest levels in 13 months, as markets witnessed new buying due to fears that the sudden cold weather in Texas could disrupt US crude production for days or maybe weeks.
Reuters reported that Brent crude rose 89 cents, or 1.4 percent, to $ 65.23 a barrel, touching its highest level since January 20 of last year.
And US West Texas Intermediate crude futures gained 66 cents, or 1.1 percent, to $ 61.80 a barrel, their highest since January 8, 2020, while the two benchmarks rose to about a dollar yesterday and have gained more than 6 percent since their close last Thursday.
Oil production and refining companies remained closed in Texas for the fifth day yesterday, after a severe cold that has continued for days, and the state governor issued an order banning natural gas exports in an attempt to speed up the pace of resuming electricity supplies.
Data from the American Petroleum Institute showed that US crude inventories fell by 5.8 million barrels in the week ending February 12 to about 468 million, compared to analysts' expectations of a decrease of 2.4 million barrels.
