Crude oil rose by over 2.5%, setting a new high for the month. Cold waves, geopolitical risks, and a multitude of bullish factors are adding up. As an Arctic cold wave sweeps through most parts of the United States, the country's crude oil production has also decreased. According to institutional research reports, over 25% of US oil production facilities are still closed. This series of events has led to abnormally strong prices of crude oil and fuel oil futures both domestically and internationally.