Oil extends rally on Texas supply disruptions | Reuters

Oil extends rally on Texas supply disruptions | Reuters

Oil prices advanced further on Wednesday, underpinned by major supply disruption in the south of the United States this week, caused by a historic winter storm in Texas.

U.S. West Texas Intermediate (WTI) crude futures rose 41 cents, or 0.68%, to $60.46 a barrel at 0752 GMT.

Brent crude futures gained 44 cents, or 0.69%, to $63.79 a barrel.

Oil prices have run up strongly in recent months and output disruptions caused by the storm in Texas, the country’s largest oil producing state, continued to keep prices supported, analysts said.

ANZ and Citigroup analysts estimated at least 2 million barrels per day (bpd) of U.S. shale oil production has been curtailed. Citi estimated a cumulative production loss of around 16 million barrels through early March.