Oil prices climb on fears Texas freeze may hamper U.S. crude output | Reuters

Oil prices climb on fears Texas freeze may hamper U.S. crude output | Reuters

Oil prices rallied again on Thursday to hit 13-month highs as concerns that a rare cold snap in Texas could disrupt U.S. crude output for days or even weeks prompted fresh buying.

Brent crude climbed 89 cents, or 1.4%, to $65.23 a barrel by 0524 GMT, touching its highest since Jan. 20, 2020. U.S. West Texas Intermediate (WTI) crude futures gained 66 cents, or 1.1%, to $61.80 a barrel, registering its highest since Jan. 8, 2020.

Both benchmarks rose about $1 on Wednesday and have gained more than 6% since their close last Thursday.

Texas oil producers and refiners remained shut for a fifth day on Wednesday after several days of blistering cold, and the governor ordered a ban on natural gas exports from the state to try to speed the restoration of power.

Roughly 1 million barrels per day (bpd) of crude production has been shut, according to Wood Mackenzie analysts, and it could be weeks before it is fully restored.