Oil Prices Surge as Winter Storms Hit North America

Oil prices surged on Monday, as winter storms led to steep declines in temperatures across North America thus blasting demand for energy and heat.

The global benchmark Brent crude futures rose by 1.4% to reach $63.30 per barrel, reaching their highest level since January 2020.

Meanwhile, the U.S. West Texas Intermediate (WTI) crude futures increased by 1.1% to $60.13 per barrel, exceeding the $60 mark.

In Texas, many oil refineries are expected to shut down due to the cold weather, which is also negatively impacting wind power generation.