International crude oil futures prices continued to rise on the 16th due to severe cold weather in the Midwest.

By the end of the 16th, the price of light crude oil futures for March delivery on the New York Mercantile Exchange had risen by US $0.58, or 0.98%, to US $60.05 per barrel, while the price of London Brent crude oil futures for April delivery had risen by US $0.05, or 0.08%, to US $63.35 per barrel.

Industry insiders said that winter storms and polar cold weather may have a serious impact on the oil industry, which means that many oil wells may be shut down. Cold air has an impact on oil production in Canada, North Dakota, Oklahoma and Texas.

On the 15th, weather factors helped oil prices in New York rise to above $60 a barrel for the first time in about a year, while oil prices in London rose to above $60 a barrel last week. In recent months, international crude oil prices have gradually risen as optimism about economic recovery has picked up. U.S. President Biden's efforts to promote the large-scale economic stimulus plan, the steady progress of vaccination work, and the slowing down of the spread of the virus have all boosted the optimism of the recovery of oil demand.

The organization of Petroleum Exporting Countries (OPEC) and its allies will continue to cut production, which also provides sustained support for oil prices. Saudi Arabia, a major member of OPEC, said last month that it would voluntarily cut further production in February and March.

Austria's JBC energy consulting company believes that as oil inventories are returning to the average level of nearly five years, the US West Texas light crude oil futures price may benefit in the short term, thus narrowing the price gap with Brent crude oil futures price, and may rise to about US $65 per barrel in a short time. However, JBC energy consulting said that it is still unsustainable for oil prices to continue to rise at present, and the still weak global demand means that crude oil futures prices are less likely to rise further sharply before the second quarter.

Data show that oil demand fell by an average of 10 million barrels a day last year. In 2021, OPEC expects daily crude oil demand to increase by 5.8 million barrels, while the International Energy Agency expects daily oil demand to increase by 5.4 million barrels.