<\/p>\n\n\n\n
Oil prices edged higher on Wednesday, extending strong gains from the previous session as supply concerns persisted after a winter storm curtailed U.S. output and exports, while escalating Middle East tensions added a fresh risk premium.<\/p>\n\n\n\n
Brent crude rose 0.2% to $67.68 a barrel, while U.S. West Texas Intermediate gained 0.3% to $62.58. Both benchmarks had surged about 3% on Tuesday.<\/p>\n\n\n\n
Analysts estimate that U.S. producers lost up to 2 million barrels per day over the weekend, roughly 15% of national output, as the storm strained energy infrastructure. Exports of crude and liquefied natural gas from Gulf Coast ports fell to zero on Sunday, according to shipping data.<\/p>\n\n\n\n
Supply risks were compounded by disruptions in Kazakhstan, where the giant Tengiz field is expected to restore less than half of normal production by early February following a fire and power outage. Although the Caspian Pipeline Consortium said its Black Sea terminal has returned to full capacity, the slow recovery at Tengiz continues to support prices.<\/p>\n\n\n\n
Geopolitical risk also remained elevated after a U.S. aircraft carrier and supporting warships arrived in the Middle East, reinforcing concerns that Washington could take military action against Iran. Analysts warned that any escalation could threaten regional oil flows.<\/p>\n\n\n\n
Looking ahead, OPEC and its allies are expected to maintain their pause on output increases for March at a February 1 meeting, adding another layer of support to the market.<\/p>\n\n\n\n
While expectations of a global supply surplus this year may cap gains, the combination of weather-related disruptions and geopolitical uncertainty is keeping crude prices underpinned for now.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices edged higher on Wednesday, extending strong gains from the previous session as supply concerns persisted after a winter storm curtailed U.S. output and exports, while escalating Middle East tensions added a fresh risk premium. Brent crude rose 0.2% to $67.68 a barrel, while U.S. West Texas Intermediate gained 0.3% to $62.58. Both benchmarks …<\/p>\n","protected":false},"author":9,"featured_media":60920,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,6827,49,36],"tags":[],"class_list":["post-123121","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-daily-economic-reports","category-economic-reports","category-market-updates"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/123121","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=123121"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/123121\/revisions"}],"predecessor-version":[{"id":123122,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/123121\/revisions\/123122"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/60920"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=123121"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=123121"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=123121"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}