Oil prices hovers near 13-month highs as storm hits US production

By Florence Tan SINGAPORE (Reuters) - 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, 0.5%, to $67.

37 a barrel by 0550 GMT, while U.S. West Texas Intermediate crude for April was at $63.45 a barrel, up 23 cents, 0.4%. Both contracts touched their highest since Jan. 8, 2020, earlier.

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