London, Jan 28, 2026, 11:52 GMT — Regular session
- Brent fell 0.6% to $67.18 a barrel, pulling back from a session peak not seen since late September
- WTI slipped 0.4% to $62.17, with traders balancing disrupted U.S. output against resuming supplies from other regions
- U.S. inventory figures are set for release at 15:30 GMT, while attention also turns to the OPEC+ meeting scheduled for Feb 1
Brent crude and U.S. West Texas Intermediate (WTI) pulled back on Wednesday, retreating from four-month peaks as traders weighed the duration of U.S. storm-related supply disruptions. At 10:17 GMT, Brent dropped 39 cents to $67.18 a barrel, while WTI fell 22 cents to $62.17, following a steep climb the previous day. 1
The market is back in “count the barrels” mode. Over the weekend, a winter storm knocked out up to 2 million barrels per day (bpd) of U.S. production, and crude exports from Gulf Coast ports briefly hit zero, according to Vortexa data. “Geopolitical tensions are rising,” noted Fawad Razaqzada, a City Index market analyst, highlighting another factor keeping prices supported after Tuesday’s jump. 2
The near-term tightening is clashing with a bigger issue: traders still worry about oversupply later this year. Kazakhstan’s export disruptions have eased those concerns for now, said Kieran Gallagher, Vitol’s Asia head. He noted it “had an impact on the immediate build up in stocks.” Vitol estimates Kazakhstan lost over 40 million barrels of crude exports due to damage along the Caspian Pipeline Consortium route—a blow that could help ease the global supply glut. 3
The soft U.S. dollar has pushed oil prices higher by making dollar-priced crude cheaper for holders of other currencies. OPEC+ — which includes the Organization of the Petroleum Exporting Countries and allies like Russia — is set to meet on Feb. 1, with signals pointing toward maintaining the current halt on output hikes for March.
Supply concerns extend beyond the U.S. Kazakhstan’s Tengiz field has faced outages, and the CPC system, which manages the bulk of Kazakhstan’s exports, continues to grapple with disruptions caused by damage and maintenance.
Geopolitics remained in focus. A U.S. aircraft carrier, along with its escort warships, has reached the Middle East, heightening concerns over Iran and potential supply chain disruptions from the area.
Traders eye U.S. stock data closely for early signals on winter fuel demand. According to a Reuters poll, crude and gasoline inventories are forecasted to increase in the latest week. Distillate stocks, which cover diesel and heating oil, are expected to decline.
Analysts monitored the U.S. field recovery timeline closely, knowing it may determine if Tuesday’s rally holds. Energy Aspects, a consultancy, pegged outage peaks over the weekend. Shutdowns in the Permian Basin eased as conditions improved, with production expected back to normal by Jan. 30. 4
The downside scenario is back in play: more supply could hit the market quickly if U.S. production rebounds faster than expected and Kazakhstan’s output steadies. Another potential strain comes from Venezuela. U.S. officials are reportedly drafting a general license to ease some sanctions on Venezuela’s energy sector, according to sources familiar with the plan. This move could pave the way for increased production and exports down the line. 5
The U.S. government’s weekly petroleum report is set for release at 15:30 GMT, with the OPEC+ meeting scheduled for Feb. 1. Traders are also monitoring port and pipeline updates linked to the storm’s aftermath, since that’s where immediate price risks remain concentrated.
