Oil hovers near 13-month highs as storm hits U.S. output, Fed assures rates staying low

Oil prices extended gains for a fourth session on Thursday to reach the highest levels in more than 13 months, underpinned by an assurance that U.S. interest rates will stay low, and a sharp drop in U.S Crude output last week due to the storm in Texas.

Brent Crude futures for April gained 33 cents, 0.49%, to $67.37 a barrel by 0925 GMT, while U.S. West Texas Intermediate crude for April was at $63.45 a barrel, up 23 cents, 0.36%.

Both contracts hit their highest since Jan. 8, 2020, earlier in the session with Brent at $67.70 and WTI at $63.79.

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