Oil prices erased early gains on Thursday, with Brent retreating from a 13-month high above $65 a barrel as buying spurred by concerns that a rare cold snap in Texas could disrupt U.S. crude output for days or even weeks petered out.
Brent crude was down 18 cents, or 0.3%, at $64.16 a barrel at 1516 GMT, after rising to $65.52 earlier in the session, its highest since Jan. 20, 2020.
U.S. West Texas Intermediate (WTI) crude futures fell 23 cents, or 0.4%, to $60.91 a barrel, after earlier rising to $62.26, the highest since Jan. 8, 2020.
“Even though oil price gains now have been scaled back to just around yesterday’s close, prices reached new highs this morning supported by production cuts in the U.S.,” Rystad Energy head of shale research Artem Abramov said.
Texas’ freeze entered a sixth day on Thursday, as the largest energy-producing state in the United States grappled with refining outages and oil and gas shut-ins that rippled beyond its borders into neighbouring Mexico.
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