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Oil rose to the highest in over a year.
(Bloomberg) Oil rose to the highest in over a year as U.S. oil output plunged by a record 40% amid the ongoing energy crisis in the country.
Futures climbed 1.8% in New York after flipping between gains and losses earlier on Wednesday. The deep freeze causing historic power outages across the central U.S. has led oil output to fall by more than 4 million barrels a day nationwide. Meanwhile, Brent’s nearest contract is trading at its strongest premium to the following month in over a year, with North Sea traders this week frantically bidding for the region’s cargoes as replacements are sought for U.S. crude exports.
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