Oil hits pandemic high as winter storm pushes demand and poses production risk
Cattle shelters from the cold wind on the side of a pump jack array Saturday, Feb. 13, 2021 in Midland, Texas.
Eli Hartman. | Odessa American | AP
Freezing weather in regions across the U.S. sparked another rally in energy prices and put West Texas Intermediate crude on pace to settle above $60 a barrel for the first time since the early days of the coronavirus pandemic.
WTI crude futures rose 62 cents, or 1%, to $60.09 a barrel Monday. The jump brings WTI crude futures up about 24% so far in 2021. It touched $60.77 a barrel earlier in the session, its highest level since January 2020.
Brent crude, the international benchmark, climbed 1.4% to $63.33 after hitting its own 13-month high.
The latest pop in the energy market came as cold weather racked portions of the U.S. and fostered demand …continued .
[Source: CNBC News]