WTI crude breaks $60 a barrel on oil supply worries

US oil prices rallied past $60 a barrel on Monday for the first time in more than a year, fuelled by concerns about supplies as Texas is hit by a severe cold snap that traders warn could slash output.

West Texas Intermediate surged 2.19 percent to $60.77 in Asian trade, its highest since January last year before the oil market collapsed as the coronavirus pandemic battered demand.

(Source: BSS)