<p>Oil prices rallied again on Thursday to hit 13-month highs as concerns that a rare cold snap in Texas could disrupt US crude output for days or even weeks prompted fresh buying.</p>.<p>Brent crude climbed 89 cents, or 1.4 per cent, to $65.23 a barrel by 0524 GMT, touching its highest since Jan. 20, 2020. US West Texas Intermediate (WTI) crude futures gained 66 cents, or 1.1 per cent, to $61.80 a barrel, registering its highest since January 8, 2020.</p>.<p>Both benchmarks rose about $1 on Wednesday and have gained more than 6 per cent since their close last Thursday.</p>.<p>Texas oil producers and refiners remained shut for a fifth day on Wednesday after several days of blistering cold, and the governor ordered a ban on natural gas exports from the state to try to speed the restoration of power.</p>.<p>Roughly 1 million barrels per day (bpd) of crude production has been shut, according to Wood Mackenzie analysts, and it could be weeks before it is fully restored.</p>.<p>"Oil prices got a boost again from expectations that the disruptions of Texas oil producers and refiners due to the cold storm could last for a while," said Hiroyuki Kikukawa, general manager of research at Nissan Securities.</p>.<p>"With hopes of fresh US economic stimulus and wider rollouts of the Covid-19 vaccine, oil prices are expected to stay on the bullish trend," he said, predicting that WTI could test a key $65 level.</p>.<p><strong><a href="https://www.deccanherald.com/business/business-news/nasdaq-ends-lower-as-tech-slides-inflation-concerns-weigh-952517.html" target="_blank">Read | Nasdaq ends lower as tech slides; inflation concerns weigh</a></strong></p>.<p>In addition, a larger-than-anticipated draw in the US crude oil inventories added to supply concerns, said Chiyoki Chen, chief analyst at Sunward Trading.</p>.<p>US crude oil stocks fell by 5.8 million barrels in the week to February 12 to about 468 million barrels, compared with analysts' expectations for a draw of 2.4 million barrels, American Petroleum Institute data showed.</p>.<p>US Energy Information Administration (EIA) oil inventory data will be released later on Thursday, delayed by a day after a Monday holiday.</p>.<p>Oil's price rally in recent months has also been supported by a tightening of global supplies, due largely to production cuts from the Organization of the Petroleum Exporting Countries (OPEC) and allied producers in the OPEC+ grouping that includes Russia.</p>.<p>OPEC+ sources told Reuters the group's producers are likely to ease curbs on supply after April given the recovery in prices.</p>
<p>Oil prices rallied again on Thursday to hit 13-month highs as concerns that a rare cold snap in Texas could disrupt US crude output for days or even weeks prompted fresh buying.</p>.<p>Brent crude climbed 89 cents, or 1.4 per cent, to $65.23 a barrel by 0524 GMT, touching its highest since Jan. 20, 2020. US West Texas Intermediate (WTI) crude futures gained 66 cents, or 1.1 per cent, to $61.80 a barrel, registering its highest since January 8, 2020.</p>.<p>Both benchmarks rose about $1 on Wednesday and have gained more than 6 per cent since their close last Thursday.</p>.<p>Texas oil producers and refiners remained shut for a fifth day on Wednesday after several days of blistering cold, and the governor ordered a ban on natural gas exports from the state to try to speed the restoration of power.</p>.<p>Roughly 1 million barrels per day (bpd) of crude production has been shut, according to Wood Mackenzie analysts, and it could be weeks before it is fully restored.</p>.<p>"Oil prices got a boost again from expectations that the disruptions of Texas oil producers and refiners due to the cold storm could last for a while," said Hiroyuki Kikukawa, general manager of research at Nissan Securities.</p>.<p>"With hopes of fresh US economic stimulus and wider rollouts of the Covid-19 vaccine, oil prices are expected to stay on the bullish trend," he said, predicting that WTI could test a key $65 level.</p>.<p><strong><a href="https://www.deccanherald.com/business/business-news/nasdaq-ends-lower-as-tech-slides-inflation-concerns-weigh-952517.html" target="_blank">Read | Nasdaq ends lower as tech slides; inflation concerns weigh</a></strong></p>.<p>In addition, a larger-than-anticipated draw in the US crude oil inventories added to supply concerns, said Chiyoki Chen, chief analyst at Sunward Trading.</p>.<p>US crude oil stocks fell by 5.8 million barrels in the week to February 12 to about 468 million barrels, compared with analysts' expectations for a draw of 2.4 million barrels, American Petroleum Institute data showed.</p>.<p>US Energy Information Administration (EIA) oil inventory data will be released later on Thursday, delayed by a day after a Monday holiday.</p>.<p>Oil's price rally in recent months has also been supported by a tightening of global supplies, due largely to production cuts from the Organization of the Petroleum Exporting Countries (OPEC) and allied producers in the OPEC+ grouping that includes Russia.</p>.<p>OPEC+ sources told Reuters the group's producers are likely to ease curbs on supply after April given the recovery in prices.</p>