Oil Prices Climb as Winter Storm Disrupts U.S. Supply

Oil prices extended gains on Wednesday as concerns over U.S. supply disruptions persisted following a winter storm that curtailed crude production and exports. Additional support came from ongoing tensions in the Middle East.

Brent crude rose 11 cents, or 0.2%, to $67.68 a barrel by 0725 GMT, while U.S. West Texas Intermediate advanced 19 cents, or 0.3%, to $62.58 a barrel.

Analysts and traders estimate that U.S. producers temporarily lost up to 2 million barrels per day — about 15% of total output — as severe weather strained power grids and energy infrastructure.