Oil closes higher; Brent exceeds $76

Oil drilling rigs

Oil prices extended gains today, Feb. 19, as Russian supplies were disrupted by a Ukrainian attack on a pipeline, while their US counterparts were negatively affected by low temperatures.

Brent crude futures for April delivery rose 0.25%, or 20 cents, to close at $76.04 a barrel, after touching $76 during the day.

WTI crude futures for March delivery climbed 0.55%, or 40 cents, to $72.25 a barrel, after reaching $73.04.

The cold weather threatens oil supplies in the US, as the North Dakota Pipeline Authority expects production in the state to decline by up to 150,000 barrels per day, Reuters reported.

The American Petroleum Institute's report on oil inventories is expected on Feb. 20, ahead of the official data from the US Energy Information Administration, amid expectations of a rise in crude inventories by 3.2 million barrels.