Oil futures rose to a 13-month high as millions of households in Texas were forced to turn off power for the first time in a decade and North America's largest oil refinery was shut down by an unprecedented Arctic cold wave. West Texas Intermediate futures closed 1.1 per cent higher, surpassing $60 a barrel for the first time since January 2020, while Brent crude futures rose above $63 a barrel, closing up 1.4 per cent at $63.30 a barrel.

Midland, Texas, the core shale oil producing area in the United States, suffered a cold wave, with crude oil production in Permian basins reduced by up to 1 million barrels per day.

"temperatures will be lower than usual for most of the week and gas and oil prices will continue to be supported, especially if there are serious supply disruptions," said Warren Patterson, head of commodity strategy at ING Group.