Brent Oil Advances Above $65 for First Time Since January 2020

(Bloomberg) -- Brent oil climbed above $65 for the first time since January 2020 as U.S. output plunged by a record amid the the nation’s energy crisis, adding to a tightening global market.

Futures in London rose as much as 1.4% to $65.21 on Thursday. The deep freeze causing power outages across the central U.S. has led to oil production falling by more than 4 million barrels a day nationwide. A spate of refinery outages, however, has curbed some demand for crude.

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