Oil settles near 13-month highs; Texas deep freeze supports | Reuters

Oil settles near 13-month highs; Texas deep freeze supports | Reuters

Oil prices settled near 13-month highs on Tuesday, supported by a deep freeze in the U.S. South that shut wells and oil refineries in Texas.

Prices have been buoyant for months, with major oil producing countries restricting supply and vaccines rolling out to combat the coronavirus pandemic.

U.S. West Texas Intermediate (WTI) crude futures settled up 1% to $60.05, after touching their highest since early January 2020. Brent settled up 5 cents, or 0.1%, to $63.35 a barrel, near the 13-month peak reached the previous session.

“Cold temperatures have added supply side support amidst numerous well freeze-offs and several refinery disruptions as some facilities have seen forced shutdowns due to power restriction,” said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois.