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Oil prices soar as US oil production plunges

Oil prices continued their upward path at the opening of the session today, Wednesday, to settle above their highest levels in more than a year, supported by a major supply disruption in the southern parts of the United States this week due to a heavy snowstorm in Texas.

Brent crude futures rose this morning up to $ 64 a barrel, up by 1.06 percent compared to Tuesday’s closing session. US West Texas Intermediate crude futures rose by 0.85 percent, to reach $ 60.56 a barrel, after crossing the $ 60 threshold on Monday.

Analysts said that oil prices already rose strongly in recent months, and now they are supported by production disruptions caused by the storm in Texas, the largest oil-producing state in the country.

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