Oil prices rose during trading on Tuesday, after the cold wave in the United States caused the closure of drilling platforms for crude in Texas (the largest oil producing state).
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According to Reuters, Axi’s Head of Global Markets Strategy, Stephen Innes, said: The sudden supply disruption in the US provided a short-term opportunity for a price recovery that is likely to drive a price Crude is towards a level that the markets would have headed towards in the end, but slightly faster than expected.
According to data from the US Energy Information Administration, Texas is responsible for producing 4.6 million barrels per day of oil and has 31 oil drilling rigs.
In terms of trading, Brent crude futures for April delivery rose by 0.2% to $ 63.44 a barrel, at 9 am Makkah time.
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US Nymex crude for March delivery rose 1.1% to $ 60.11 a barrel.
