Oil Registers Highest Level Since January 2020

Oil prices rose on Wednesday to their highest level in 13 months, despite data showing an increase in crude inventories in the United States last week. However, the U.S. Energy Information Administration (EIA) reported showed that distillate stockpiles registered a large decline.

In addition, output disruptions in Texas, due to the recent winter storm, are expected to continue for some time.

Brent crude futures for April delivery increased by $1.67, or 2.6%, to close at $67.04 per barrel, recording its highest closing level since January 2020.

Meanwhile, the West Texas Intermediate (WTI) crude futures for April delivery finished higher by $1.55, or 2.5%, at its highest level since January 2020 at $63.22 per barrel.