Ankara: Oil prices fell on Tuesday even as a massive winter storm hit crude production and affected refineries on the US Gulf Coast: Oil prices saw a decline as the region grappled with harsh weather conditions impacting the energy sector.
According to Qatar News Agency, Brent crude futures fell by 28 cents, or 0.4%, reaching $65.31 a barrel. Meanwhile, US West Texas Intermediate (WTI) crude recorded a price of $60.39 per barrel, witnessing a reduction of 24 cents, or 0.4%. The price drop occurred despite the winter storm's disruptive impact on production and refining activities in the Gulf Coast area.
The storm has posed significant challenges, affecting both crude production and refinery operations. The energy sector has faced logistical and operational disruptions, yet the market reaction saw a decline in oil prices amidst these conditions.