US WTI crude oil added $1.45, or 1.6%, to $91.72 a barrel, after rising to its highest level in seven years of $91.91 a barrel.
Both benchmarks were on track for a seventh straight weekly gain.
“This latest rally has been triggered by a cold snap in Texas, which is fueling concerns about production cuts in the Permian Basin, the largest shale play in the US,” said Carsten Fritsch, a commodity analyst at Commerzbank. .
A massive icy front slammed into the central and northeastern regions of the United States on Thursday, leaving thousands of people without power.
Tight oil supplies pushed the six-month market structure for WTI to a steep backwardation of $8.40 a barrel on Friday, the widest since November 2021.
Oil markets have also been boosted by the Ukraine crisis, as Russia continues to deploy thousands of troops to the border with its former Soviet ally, adding to market concerns about already tight oil supplies.
By Rowena Edwards, Reuters Agency
Source: Ambito
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