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Brent Crude Oil Hits $63.48/barrel as Weather Disrupts Production

Oil prices extended gains on Tuesday, with WTI crude rising 1.1% to $60.12 a barrel and Brent oil gaining 0.3% to $63.48 a barrel at around 07:30 AM GMT.

Both benchmarks hovered around their highest in 13 months, amid concerns about the deep freeze weather in Texas and Oklahoma.

About 1 million barrels per day of crude oil output may be disrupted due to the weather, prompting the state’s electric power suppliers to impose rotating blackouts for nearly 3 million homes and businesses.

Traders also welcomed reports that the WHO on Monday had listed two versions of the AstraZeneca/Oxford virus vaccine for emergency use and gave the green light for these vaccines to be rolled out globally through COVAX.

The vaccines are produced by AstraZeneca-SKBio and the Serum Institute of India. Adding to the bullish tone were renewed Middle East tensions after the Arab coalition announced Sunday that it had intercepted and destroyed around ten drones launched by Yemen Houthis towards Saudi Arabia.

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