WASHINGTON (dpa-AFX) - Oil prices hit a 13-month high on Tuesday as freezing weather in regions across the U.S. not only boosted power demand but also threatened oil production in Texas.
The upside was capped after Norway's oil industry employers struck a wage bargain with the Safe labor union.
Benchmark Brent crude slipped 0.1 percent to $63.24 a barrel, after having hit its highest since January 2020 in the previous session amid signs of supply tightness and optimism about economic recovery.
U.S. West Texas Intermediate (WTI) crude futures were up 0.7 percent at $59.88 a barrel. U.S. markets were closed on Monday to mark Presidents Day.
The cold weather in the United States halted Texas oil wells and refineries on Monday and forced restrictions on natural gas and crude pipeline operators, leaving nearly 5 million people without power.
President Joe Biden approved an emergency declaration for Texas, the biggest crude producing state in the United States, which produces roughly 4.6 million barrels of oil per day and is home to 31 refineries.
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