Crude oil prices were all fired up at the fourth trading session of the week, as it continued an almost week-long bullish run, passing 13-month highs.
The arctic blast presently in play at Texas continues to distort oil production, with more than 20% of U.S. refining output and a million barrels of oil output closed down.
Brent crude futures rallied by 1.20% to trade at $65.11 a barrel, the highest since January 20, 2020. West Texas Intermediate futures surged by 0.92% to $61.70, its highest level since January 8, 2020.
Both major oil benchmarks remained firmly above the $60 mark, gaining more than 6% in the past four trading sessions.
Although, Saudi plans to pump more oil. Yet, it hasn’t changed the bullish dynamics in play at the energy market.