Oil Prices Mixed Amid US Storms and Geopolitical Tensions

Oil prices showed mixed trends on Wednesday, with Brent slightly down and U.S. crude edging higher. Supply concerns influenced trading.

Brent crude fell 6 cents, or 0.1%, to $67.51 per barrel. U.S. West Texas Intermediate rose 4 cents, or 0.1%, to $62.43.

A winter storm disrupted U.S. crude production and halted Gulf Coast exports over the weekend. Analysts estimate a 2 million barrels per day loss.

Crude and liquefied natural gas exports from U.S. Gulf Coast ports dropped to zero on Sunday, according to ship tracking service Vortexa.

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Analysts said supply fears from the U.S. cold snap and Kazakhstan disruptions supported prices. WTI may trade around $60 per barrel.

Kazakhstan’s Tengiz oilfield is restoring less than half of normal output by February 7 after a fire and power outage. CPC pipeline returned to full loading capacity.

Geopolitical tensions also weighed on markets. A U.S. carrier group arrived in the Middle East, while OPEC+ plans to maintain its March output pause. U.S. stockpiles showed mixed changes last week.