Oil prices advanced on Tuesday as a deep freeze threatened energy supplies in Texas, a key crude producing state in the United States, Trend reports citing Xinhua.
The West Texas Intermediate for March delivery added 58 cents to settle at 60.05 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for April delivery increased 5 cents to close at 63.35 dollars a barrel on the London ICE Futures Exchange.
"The cold weather in the U.S. is now being cited as another reason for the high oil prices," Eugen Weinberg, energy analyst at Commerzbank Research, said in a note on Tuesday.