[Asia Economy Reporter Kwon Jae-hee] International oil prices have surged to their highest level since the COVID-19 pandemic.
On the 15th (local time) at the New York Mercantile Exchange (NYMEX), March delivery West Texas Intermediate (WTI) crude oil closed at $60.10 per barrel, up 1.1% ($0.63).
This is the first time in 13 months that WTI futures prices have surpassed the $60 per barrel mark.
During the session, WTI futures prices reached as high as $60.95, the highest since January 8 of last year.
WTI has risen 25% so far this year.
The rise in international oil prices is attributed to the recent cold wave sweeping across the United States and the power shortage crisis in Texas.
Heating oil consumption surged sharply, and oil companies in the Texas region have found it difficult to operate their facilities at full capacity due to the power shortage.
International gold prices fell slightly.
April delivery gold closed down 0.3% at $1,818.86 per ounce.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
