Black commodity trading continued to maintain its consolidation momentum at a 13-month high on Tuesday, as extreme cold weather affected the energy industry in the United States' largest crude oil producer.
US WTI crude futures traded strong at $ 60.29 a barrel, up more than 1% today. Brent crude traded up 0.5% at $ 63.63 a barrel.
The rare cold weather in Texas has resulted in power outages that have left nearly 3 million homes and businesses without electricity. Following that, US President Joe Biden issued a declaration of emergency and opened federal aid to Texas.
The situation also adversely affected the energy industry in Texas, causing the country's largest crude oil producers to close their oil refineries and force restrictions from natural gas pipeline operators.
Texas produces about 4.6 million barrels of oil daily and is a major hub for some of the country's leading petrol and diesel factories.
Meanwhile, recent tensions in the Middle East seem to have slightly affected crude oil trade to continue to trade positively.
Most recently, an air base deploying U.S. forces in northern Iraq, has been the target of rocket attacks.
Although still unconfirmed, a group of Saraya Awliya al-Dam believed to have ties to Iran, claimed responsibility for the attack. The market is now awaiting further action by the Biden administration following this attack.
