Crude oil futures were slightly higher during mid-morning trade in Asia Feb. 16, extending overnight gains, as the ongoing Arctic blast across North America caused supply disruptions, propelling demand for heating fuel higher. At 11.48 am Singapore time (0348 GMT), the ICE Brent April contract was up by 34 cents/b (0.54%) from the Feb. 15 settle to $63.64/b, while the March NYMEX light sweet crude contract was up 79 cents/b (1.33%) to $60.26/b. The cold weather had hit Texas hard, with temperatures falling to their lowest in 30 years, resulting in power outages and disruptions in production as well as refining activities in the Permian Basin. “Concerns over oil supply disruptions from Texas continue to prop up the market. Cold weather, power outages, and logistical issues have all led to disruptions,” analysts […]