Crude prices extended their 13-month highs on Wednesday as freezing weather in the US had a severe impact on the country’s oil industry, wiping out a record one-third of the national output and causing refinery shutdowns.
International benchmark Brent briefly traded above $64 per barrel for the first time since January 2020, and was still up around one percent as of 10:42 GMT. US West Texas Intermediate (WTI) crude also reached its highest level since the start of the pandemic on Wednesday, to trade at $60.61 per barrel.
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