Oil prices rise to the highest point in 13 months

Oil prices rose today, keeping both Brent and WTI near their 13-month highs, supported by the extremely cold wave in the southern United States, which in turn led to the closure of wells and oil refineries in Texas. U.S. West Texas Intermediate crude futures rose 0.6% to $ 59.83 a barrel after rising earlier in the session to their highest since early January 2020, and Brent crude futures were at $ 63.10 a barrel.

It is likely that the Organization of Petroleum Exporting Countries OPEC and its allies will ease production restrictions after April, as the organization has been reducing oil production to support prices, especially with the decline in global oil demand due to the coronavirus pandemic.