Oil prices rise; WTI gains more than 1%

Oil prices rose on Tuesday, with West Texas Intermediate (WTI) crude futures climbing more than 1% as a cold wave shut wells and refineries in Texas, the biggest crude producing state in the US.

International benchmark Brent crude was trading up 0.2% at $63.44 per barrel, at 9 am Makkah time.

WTI crude rose 1.1% to $60.11 a barrel.

“The unexpected US supply disruption provides another short term price recovery bridge that has likely taken oil prices to a level where markets were eventually heading but just a little bit quicker than expected,” Reuters reported, citing Stephen Innes, chief global markets strategist at Axi.

According to US Energy Information Administration data, Texas produces 4.6 million barrels per day of oil and has 31 drilling platforms for crude.