Oil hits pandemic high as winter storm pushes demand and poses production risk

Oil hits pandemic high as winter storm pushes demand and poses production risk

Freezing weather in regions across the U.S. sparked another rally in energy prices and put West Texas Intermediate crude on pace to settle above $60 a barrel for the first time since the early days of the coronavirus pandemic.

WTI crude futures rose 67 cents, or 1.1%, to $60.14 a barrel Monday morning around 10:08 a.m. ET. The jump brings WTI crude futures up 24% so far in 2021. It touched $60.77 a barrel earlier in the session, its highest level since January 2020.

Brent crude, the international benchmark, climbed 1.3% to $63.26 after hitting its own 13-month high.

The latest pop in the energy market came as cold weather racked portions of the U.S. and fostered demand for power and fuel while simultaneously threatening to hamstring production in Texas.

“Winter storm and arctic blast of cold weather that is making its way south to Houston may have some severe impacts on the oil industry,” oil analyst Andy Lipow wrote over the weekend.

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Source: CNBC

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