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Oil Maintains Highest Level in 13 Months

M. Ali 17 February, 2021 1:20 am Commodities, Market Update

Oil prices rose on Tuesday, amid increased demand for energy and hear sources as a strong winter storm hit parts of North America.

In addition, weather conditions led to supply disruptions with the shutdown of some crude refineries in Texas.

The global benchmark Brent crude futures for April delivery rose by about 0.1% to settle at $63.35 per barrel, maintaining its highest level in about 13 months.

Meanwhile, West Texas Intermediate (WTI) crude futures for March delivery gained 58 cents, or 1%, to close at $60.05 per barrel,

This is the first time for the U.S. benchmark crude futures to settle above the $60 per barrel mark since January 2020, before the Coronavirus pandemic.

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