Oil prices edge lower on Tuesday 

Oil prices fell on Tuesday as Kazakhstan moved to resume production from its largest oil field, but the declines were limited by severe winter storms disrupting US crude output and refineries. Brent crude dropped 41 cents, or 0.6 per cent, to $65.18 a barrel, while US West Texas Intermediate (WTI) fell 30 cents, or 0.5 per cent, to $60.33 a barrel.

Kazakhstan’s main export pipeline, the CPC, returned to full loading capacity after maintenance, improving supply prospects in the prompt market. Analysts noted that Brent’s March premium over April has risen to over 80 cents a barrel, up from about 30 cents earlier in January.

Meanwhile, US oil producers lost up to 2 million barrels per day, roughly 15 per cent of national output, as the winter storm strained energy infrastructure. Several Gulf Coast refineries also reported weather-related issues, raising concerns about fuel supply.

Geopolitical tensions added further uncertainty after a US aircraft carrier and supporting ships arrived in the Middle East, maintaining potential supply risks.

On the policy front, eight OPEC+ members—including Saudi Arabia, Russia, the UAE, Kazakhstan, Kuwait, Iraq, Algeria, and Oman—are expected to maintain their March output pause, according to sources.