Brent crude price ticks up as U.S. winter storm hits output, traders eye next supply test
Brent crude futures edged higher Tuesday after a U.S. winter storm disrupted crude production and unsettled some Gulf Coast refineries, though potential supply from Kazakhstan capped the rally. “The cold weather in the U.S. will likely cause quite significant drawdowns in oil stocks over the next few weeks,” said Tamas Varga, oil analyst at PVM. Meanwhile, ANZ’s Daniel Hynes noted that “supply risks haven’t totally evaporated.” By 1017 GMT, Brent had gained 23 cents, or 0.35%, to $65.82 a barrel, while U.S. West Texas Intermediate added 29 cents to $60.92.