Crude oil prices continued to rise to their latest 13-month high on Thursday after the U.S. government reported nationwide crude oil production fell more than 10% or 1 million barrels a day last week after extreme cold weather hit Texas, the nation's energy hub.
The U.S. Energy Information Administration (EIA) also reported an increase in 1.3 million barrels of crude oil supply last week, missing expectations for a 5.2 million barrel drop.
Although there was an increase in US crude oil stocks, investors focused more on a reduction in production of 9.7 million barrels a day, compared to the expected 10.8 million a day that should have been released last week.
Not only that, the market was also shown with distilled stock data, including diesel and heating which showed a decrease of 4.79 million barrels, exceeding the 3.75 million barrels expected by the market.
Ahead of the start of the European session, Brent crude futures rose higher at $ 66.41 a barrel, while the US WTI rose at $ 63.41 a barrel.
Both benchmarks bounced back after being frustrated by data from the American Petroleum Institute (API) which reported an unexpected increase in crude oil supply, causing prices to fall lower in early Wednesday trading session.
