Benghazi – Oil prices fell on Tuesday. This occurred despite a severe winter storm. The storm reduced crude production. It also disrupted several refineries on the U.S. Gulf Coast.
Brent crude futures dropped by 0.6%. They settled at $65.15 per barrel. U.S. West Texas Intermediate crude fell by the same percentage. It reached $60.26 per barrel.
In the United States, analysts and traders estimated a decline in oil production. This decline was up to two million barrels per day. This equals about 15% of the total national output. The drop occurred over the weekend. It resulted from the storm that hit the country. The storm affected energy infrastructure. It also impacted power grids.
In related news, three OPEC+ delegates spoke to Reuters. They stated that eight alliance members would likely maintain the suspension of oil production increases. This suspension would last through March. The decision is expected during an upcoming meeting on February 1. This comes amid rising prices. These price increases are due to declining production in Kazakhstan.