International oil prices rose on the 16th, coming in near a 13-month high due to a cold snap in the U.S. South that shut down oil wells and refineries in Texas.
Reuters reported that New York’s West Texas Intermediate crude for March delivery rose $0.58, or 1 percent, to close at $60.05 a barrel.
Brent crude for April delivery rose $0.05, or 0.1 percent, to close at $63.35 a barrel.
Oil prices have continued to rise in recent months, driven by supply restrictions from major oil producers and the advance of vaccinations.
Jim Ritterbusch, president of oil consultancy “Ritterbusch & Associates,” said the cold weather has added support to the supply side, with many wells currently suspended and several refineries suspending operations due to power restrictions.
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