Oil Rises More Than 2%, Following data Showing Declining US Production

Oil prices rose on Wednesday to their highest in 13 months after US government data showed that crude production fell due to freezing weather last week.

The US production of crude oil fell by more than ten percent last week, equivalent to one million barrels per day, in the midst of a rare winter storm in Texas, to match its biggest weekly decline ever.

According to the Energy Information Administration. Refineries’ crude consumption fell to its lowest level since September 2008, as millions of people were cut off from electricity due to freezing weather.

Brent crude futures rose $ 1.67, equivalent to 2.6%, at $67.04 a barrel. The global benchmark for the session peaked at $67.30, its highest price since
January 8, 2020.

U.S. West Texas Intermediate crude futures closed up $ 1.55, or 2.5%, at $63.22, after touching $63.37, also their peak since January 8, 2020.