The West Texas Intermediate for March delivery added 1.09 U.S. dollars to settle at 61.14 dollars a barrel on the New York Mercantile Exchange. Brent crude for April delivery increased 99 cents to close at 64.34 dollars a barrel on the London ICE Futures Exchange.
"The cold snap in the U.S. Midwest still has the oil market firmly in its grip," Carsten Fritsch, energy analyst at Commerzbank Research, said in a note on Wednesday.
"It is estimated that more than 2 million barrels of daily U.S. oil production have been shut down, especially in Texas, which is by far the biggest oil-producing state," he said.
The output cuts by major producers also contributed to oil prices.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, widely known as OPEC+, agreed in January to keep most oil production curbs in place from February to the end of March.
Saudi Arabia, the world's biggest oil exporter, pledged a voluntary oil production cut of 1 million barrels per day beyond the required OPEC+ quotas in these two months.
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