Oil prices hit 13-month high as Texas cold snap cuts US output

Oil prices have reached a 13-month high as a cold snap in the US hits crude output. Both the WTI and Brent are well above $60 per barrel. Texas — the largest energy-producing state — is in its sixth day of a deep freeze that has caused major power outages. At least a fifth of US refining output, which translates to roughly one million barrels a day, has been shut. Analysts said it could be weeks before production is fully restored.

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